NEW YORK, NY / ACCESSWIRE / October 18, 2021 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, is investigating potential securities violations and breach of fiduciary duty claims against Owlet, Inc. (NYSE:OWLT).
On the morning of October 4, 2021, Owlet, Inc. stock fell more than 30% after notifying investors that it received an FDA warning letter 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 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.
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SOURCE: Labaton Sucharow LLP