Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Obalon Therapeutics (NASDAQ: OBLN) in connection to alleged violations of securities laws by OBLN. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Obalon Therapeutics from October 2, 2016 until January 23, 2018.
The class action complaint specifically alleges that during the period in question, OBLN might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company made recognitions of revenue in a manner that violated Generally Accepted Accounting Principles (GAAP); that the company did not have adequate internal controls governing its account and financial reporting operations; and that consequently the company’s statements to the public about its business, operations and prospects during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, Obalon Therapeutics is a medical technology company, based in the United States, focused on the development and commercialization of novel weight loss technologies. Its chief product is a balloon system for obesity treatment which it describes as “the first and only FDA-approved swallowable, gas-filled intragastric balloon system.” The company is headquartered in San Diego and trades on the Nasdaq exchange under the symbol OBLN.
A class action lawsuit has already been filed in connection with Obalon Therapeutics. If you wish to serve as lead plaintiff in the OBLN lawsuit, you must move the Court no later than April 16, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.