NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of all persons or entities who purchased or otherwise acquired Obalon Therapeutics, Inc. (NASDAQ: OBLN) securities between October 2, 2016 and January 23, 2018 (the “Class Period”). Investors have until April 16, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 23, 2018, Obalon announced the termination of the underwriting agreement and cancellation of its previously announced public stock offering, after, according to the Company, a purported whistleblower contacted KPMG LLP, the Company’s independent auditor, to make certain allegations relating to improper revenue recognition during the Company’s fourth fiscal quarter of 2017.
Following this news, the stock price of Obalon fell $1.73 per share, or over 33%, to close at $3.46 per share on January 23, 2017.
If you purchased or otherwise acquired Obalon securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Obalon lawsuit, please go to www.bespc.com/obalon. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.