The Law Offices of Frank R. Cruz Announces Investigation of Owlet, Inc. (OWLT) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--Oct 4, 2021--
The Law Offices of Frank R. Cruz announces an investigation of Owlet, Inc. (“Owlet” or the “Company”) (NYSE: OWLT ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On October 4, 2021, Owlet revealed that it had received a warning letter from the U.S. Food and Drug Administration (“FDA”), which stated that “the Company’s marketing of its Owlet Smart Sock product . . . renders [it] a medical device requiring premarket clearance or approval from FDA.” Owlet has not obtained such clearance or approval. Moreover, the FDA “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.”
On this news, the Company’s stock price fell as much as 23% during intraday trading on October 4, 2021, thereby injuring investors.
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If you purchased Owlet securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2021.
PUB: 10/04/2021 05:00 PM/DISC: 10/04/2021 05:02 PM