NEW YORK, NY / ACCESSWIRE / January 29, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Obalon Therapeutics, Inc. ("Obalon" or the "Company") (NASDAQ: OBLN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Obalon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 23, 2018, Obalon announced that it would cancel its previously announced public offering of Obalon common stock after its independent auditor, KPMG LLP, received a complaint from a "purported whistleblower" alleging "improper revenue recognition during the Company's fourth fiscal quarter of 2017."
On this news, Obalon's share price fell $1.73, or 33.33%, to close at $3.46 on January 23, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP