48 days left to seek lead plaintiff status
Case Summary
Company Name Owlet, Inc.
Stock Symbol OWLT
Class Period March 31, 2021 to October 4, 2021
Motion Deadline January 18, 2022

The Thornton Law Firm alerts investors that a class action lawsuit has been filed on behalf of investors of Owlet, Inc. (NYSE: OWLT). The case is currently in the lead plaintiff stage. Investors who: (a) purchased or otherwise acquired Owlet securities between March 31, 2021 and October 4, 2021; or (b) held Sandbridge common stock held as of June 1, 2021 and were eligible to vote at Sandbridge’s special meeting on July 14, 2021 may contact the Thornton Law Firm’s investor protection team by submitting their information above. Investors may also email investors@tenlaw.com or call 617-531-3917.

The lawsuit alleges that on July 15, 2021, Sandbridge combined with Owlet Baby Care Inc. and the combined company was renamed Owlet. The case alleges that Owlet and its senior executives made misleading statements to investors and failed to disclose that: (i) Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the FDA concluded it was a medical device; and (ii) as a result, Owlet was reasonably likely to cease commercial distribution of the Smart Sock in the U.S. until it obtained the requisite approval. It is alleged that on the news that Owlet had received a warning letter from the FDA, the stock price dropped $1.29 per share on October 4, 2021.

Interested Owlet investors have until January 18, 2022 to retain counsel and apply to be a lead plaintiff if they are interested to do so. A lead plaintiff acts on behalf of all other investor class members in managing the class action. Investors do not need to be a lead plaintiff in order to be a class member. If investors choose to take no action, they can remain an absent class member. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney. Thornton Law Firm is not currently representing a plaintiff who filed a complaint but is investigating the case on behalf of investors interested in being a lead plaintiff.

Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

A class action lawsuit has been filed on behalf of investors in Owlet, Inc. (OWLT) securities.

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