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Lawsuit for Investors in Shares of Obalon Therapeutics Inc (NASDAQ: OBLN) Announced by Shareholders Foundation

ACCESSWIRE

By Shareholders Foundation, Inc.

SAN DIEGO, CA / ACCESSWIRE / February 14, 2018 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in Obalon Therapeutics Inc (NASDAQ: OBLN) shares.

Investors who purchased shares of Obalon Therapeutics Inc (NASDAQ: OBLN) have certain options and 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 $3.40 per share on January 23, 2018.

On February 14, 2018, a securities class action lawsuit was filed Obalon Therapeutics Inc over alleged violations of Federal Securities Laws. The plaintiff alleges that 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 Obalon Therapeutics Inc (NASDAQ: OBLN) shares should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

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

SOURCE: The Shareholders Foundation, Inc.

ReleaseID: 489375