NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Obalon Therapeutics, Inc. (“Obalon” or the “Company”) (NASDAQ:OBLN).
On January 23, 2018, Obalon announced that it would terminate its previously announced public offering of 5,454,545 shares of common stock at $5.50 per share, scheduled for the same day. The termination of the offering occurred after the Company was informed, on January 22, 2018, that “a purported whistleblower contacted KPMG LLP, the Company’s independent auditors, to make certain allegations relating to allegedly improper revenue recognition during the Company’s fourth fiscal quarter of 2017.”
On this news, Obalon’s share price fell from $5.19 per share on January 22, 2018 to a closing price of $3.46 on January 23, 2018—a $1.73 or a 33.3% drop.
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