Shareholders Foundation, Inc.

NASDAQ:OBLN Shareholder Notice: Lawsuit Alleges Misleading Statements by Obalon Therapeutics Inc

A lawsuit was filed on behalf of investors in Obalon Therapeutics Inc (NASDAQ:OBLN) shares over alleged securities laws violations.

 

San Diego, CA -- (SBWIRE) -- 02/26/2018 -- An investor, who purchased NASDAQ:OBLN shares filed a lawsuit against Obalon Therapeutics Inc over alleged violations of Federal Securities Laws.

Investors who purchased shares of Obalon Therapeutics Inc (NASDAQ:OBLN) have certain options and for certain investors are short and strict deadlines running. Deadline: April 18, 2018. NASDAQ:OBLN investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

According to the complaint the plaintiff alleges on behalf of purchasers of Obalon Therapeutics Inc (NASDAQ:OBLN) common shares between October 5, 2016 and January 23, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims 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.

Those who purchased shares of Obalon Therapeutics Inc (NASDAQ:OBLN) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com