Investigation
BioXcel Therapeutics, Inc. (BTAI)
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.
Menu
Investigation
11/17/2021
Initial Lawsuit
11/17/2021
Lawsuit Progression
01/18/2022
This is a class action on behalf of persons and entities:
(a) that purchased or otherwise acquired Owlet securities between March 31, 2021 and October 4, 2021, inclusive; and/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.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:
(1) 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;
(2) 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
(3) 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.
Confidential investigation: officers & directors’ potential breach of fiduciary duties to investors.