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NEW YORK, October 28, 2021--(BUSINESS WIRE)--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 email@example.com or (844) 818-6980 for more information.
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 firstname.lastname@example.org, 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
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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