An investigation on behalf of current long term investors in Obalon Therapeutics Inc (NASDAQ:OBLN) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:OBLN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/14/2018 -- An investigation on behalf of current long-term investors in shares of Obalon Therapeutics Inc (NASDAQ:OBLN) concerning potential breaches of fiduciary duties by certain directors and officers of Obalon Therapeutics Inc was announced.
Investors who are current long term investors in Obalon Therapeutics Inc (NASDAQ:OBLN) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NASDAQ:OBLN stocks follows a lawsuit filed recently against Obalon Therapeutics Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:OBLN stocks, concerns whether certain Obalon Therapeutics Inc officers and directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that between October 5, 2016 and January 23, 2018, the Defendants failed to disclose that Obalon Therapeutics Inc recognized revenue in violation of Generally Accepted Accounting principles ("GAAP"), that the Company lacked adequate internal controls over accounting and financial reporting, and that, as a result of the foregoing, Obalon Therapeutics Inc's financial statements and Defendants' statements about Obalon's business, operations, and prospects, were materially false and misleading at all relevant times.
On January 23, 2018, Obalon Therapeutics Inc announced that it was canceling its previously announced public offering after its auditor, KPMG LLP, received a complaint from a "purported whistleblower" alleging "improper revenue recognition" during Q4 2017. Shares of Obalon Therapeutics Inc (NASDAQ:OBLN) declined to as low as $3.52 per share on January 24, 2018.
Those who purchased shares of Obalon Therapeutics Inc (NASDAQ:OBLN) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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