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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Obalon Therapeutics Inc    OBLN

OBALON THERAPEUTICS INC (OBLN)
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Glancy Prongay & Murray LLP : Files Securities Class Action Lawsuit Against Obalon Therapeutics, Inc.

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02/15/2018 | 12:40am CEST

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of California on behalf of a class (the “Class”) consisting of persons and entities that acquired Obalon Therapeutics, Inc., (“Obalon” or the “Company”) (NASDAQ: OBLN) securities between October 5, 2016 and January 23, 2018, inclusive (the “Class Period”).

If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice, to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at shareholders@glancylaw.com to discuss this matter.

On January 23, 2018, Obalon issued a press release disclosing that “a purported whistleblower contacted KPMG LLP, the Company’s independent auditors, to make certain allegations relating to allegedly improper revenue recognition during the Company’s fourth fiscal quarter of 2017.” The Company further stated that “Obalon’s Audit Committee will oversee an internal investigation of these allegations.”

On this news, Obalon’s stock price fell $1.73 per share, or 33.3%, to close at $3.46 per share on January 23, 2018, on unusually heavy volume. The $3.46 closing price represented a total decline of $11.54, or nearly 77%, from the IPO price of $15.00 per share.

The filed complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that the Company recognized revenue in violation of Generally Accepted Accounting principles (“GAAP”); (2) that the Company lacked adequate internal controls over accounting and financial reporting; and (3) that, as a result of the foregoing, the Company’s financial statements and Defendants’ statements about Obalon’s business, operations, and prospects, were materially false and misleading at all relevant times.

If you purchased shares of Obalon during the Class Period you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


© Business Wire 2018
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Latest news on OBALON THERAPEUTICS INC
08/07OBALON THERAPEUTICS : Announces Upcoming Conference Presentation
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08/03OBALON THERAPEUTICS : Promotes Kelly Huang, Ph.D. to President
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News from SeekingAlpha
08/04Obalon's (OBLN) CEO Andy Rasdal on Q2 2018 Results - Earnings Call Transcript 
08/02Obalon Therapeutics misses by $0.06, misses on revenue 
06/22After Hours Gainers / Losers (06/22/2018) 
06/22Midday Gainers / Losers (06/22/2018) 
06/22HEALTHCARE - TOP 5 GAINERS / LOSERS : 00 am (06/22/2018) 
Financials ($)
Sales 2018 9,71 M
EBIT 2018 -39,6 M
Net income 2018 -40,2 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
Capi. / Sales 2018 3,23x
Capi. / Sales 2019 2,11x
Capitalization 31,4 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 2,38 $
Spread / Average Target 39%
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Managers
NameTitle
Andrew P. Rasdal Chief Executive Officer & Director
Kelly Huang President & Chief Operating Officer
Kim P. Kamdar Chairman
William John Plovanic Chief Financial Officer & Secretary
Mark Brister Chief Technology Officer
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