Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Obalon Therapeutics, Inc. (“Obalon” or the “Company”) (NASDAQ:OBLN).
On January 23, 2018, Obalon announced that it would terminate its previously announced public offering of 5,454,545 shares of common stock at $5.50 per share, scheduled for the same day. The termination of the offering occurred after the Company was informed, on January 22, 2018, 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.”
On this news, Obalon’s share price fell from $5.19 per share on January 22, 2018 to a closing price of $3.46 on January 23, 2018—a $1.73 or a 33.3% drop.
If you invested in Obalon stock or options and would like to discuss your legal rights, click here:www.faruqilaw.com/OBLN. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221006526/en/
Contacts:
685 Third Avenue, 26th Floor
New
York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone:
(877) 247-4292 or (212) 983-9330
