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Scott+Scott Attorneys at Law LLP Announces Investigation into Owlet, Inc. (OWLT)

October 28, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Oct 28, 2021--

Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is investigating whether Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT) and certain of its officers and directors violated federal securities laws by making materially misleading statements to investors. If you purchased or otherwise own Owlet stock, and have suffered a loss, you are encouraged to contact Scott+Scott attorney, Rhiana Swartz, at rswartz@scott-scott.com or (844) 818-6980 for more information.

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On October 4, 2021, Owlet, Inc. stock fell more than 24.5% after the Company notified investors that it had received a warning letter (“Warning Letter”) from the Food and Drug Administration (“FDA”) on improper marketing of its flagship product called the Smart Sock.

The Warning Letter asserts that the Company’s marketing of its Owlet Smart Sock in the U.S. renders the Smart Sock a medical device requiring premarket clearance or approval from the FDA and that the Company has not obtained such clearance or approval. Additionally, the Warning Letter “requests the Company cease commercial distribution of the Smart Sock for uses in measuring blood oxygen saturation and pulse rate where such metrics are intended to identify or diagnose desaturation and bradycardia using an alarm functionality to notify users that measurements are outside of preset values,” the Company says.

Pursuant to the Warning Letter, the Company suspended distribution of the Smart Sock in the United States as of October 22, 2021.

What You Can Do

If you purchased or otherwise own Owlet stock, and you wish to discuss this investigation, please contact attorney Rhiana Swartz at (844) 818-6980, or at rswartz@scott-scott.com, or visit the Owlet investigation page on our website at https://scott-scott.com/sec-investigation/owlet-inc/

About Scott+Scott Attorneys at Law LLP

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Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20211028006194/en/

CONTACT: Rhiana Swartz

Scott+Scott Attorneys at Law LLP

230 Park Ave, 17th Fl, New York, NY 10169

(844) 818-6980

rswartz@scott-scott.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Scott+Scott Attorneys at Law LLP

Copyright Business Wire 2021.

PUB: 10/28/2021 04:15 PM/DISC: 10/28/2021 04:16 PM

http://www.businesswire.com/news/home/20211028006194/en