San Diego, CA -- (SBWIRE) -- 12/08/2021 -- An investor, who purchased NASDAQ: OWLT shares, filed a lawsuit against Owlet, Inc over alleged violations of Federal Securities Laws.

Investors who purchased shares of Owlet, Inc. (NASDAQ: OWLT) have certain options and for certain investors are short and strict deadlines running. Deadline: January 18, 2022. NASDAQ: OWLT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Lehi, UT based Owlet, Inc. operates as a digital parenting platform in the United States.

On July 15, 2021, Sandbridge combined with Owlet Baby Care Inc., a company that designs and sells products and services for parents to proactively monitor the health and wellness of their children, and the combined company was renamed Owlet (the "Business Combination").

On October 4, 2021, Owlet, Inc. disclosed it received a Warning Letter from the U.S. Food and Drug Administration (FDA) regarding the Owlet, Inc. Smart Sock. The FDA asserts that Owlet's marketing and functionality in the U.S. render the Smart Sock a medical device requiring premarket clearance or approval from FDA and that Owlet, Inc. has not obtained authorization or consent.

Shares of Owlet, Inc. (NASDAQ: OWLT) declined from $7.10 per share on September 8, 2021, to $3.75 per share on October 4, 2021.

The plaintiff alleges on behalf of purchasers of Owlet, Inc. (NASDAQ: OWLT) common shares between March 31, 2021 and October 4, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 31, 2021 and October 4, 2021, the Defendants failed to disclose to investors that Owlet was reasonably likely to be required to obtain marketing authorization for the Smart Sock because the FDA concluded it was a medical device, that, 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, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Those who purchased shares of Owlet, Inc. (NASDAQ: OWLT) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.