Owlet reaches settlement in shareholder derivative lawsuit

Owlet, Inc. (NYSE: OWLT) announced a proposed settlement in a shareholder derivative lawsuit filed in the U.S. District Court for the Central District of California. The settlement agreement was dated April 2, 2025.

Under the settlement terms, Owlet will adopt corporate governance practices, policies, procedures, and internal controls reforms to address claims in the consolidated action. The settlement applies to shareholders who held Owlet common stock as of April 2, 2025.

Plaintiffs' counsel will request court approval for attorneys' fees and expense reimbursement totaling $675,000, which includes a service award for plaintiffs. The defendants agreed not to oppose this fee request, though the final amount remains at the court's discretion.

A settlement hearing is scheduled for February 6, 2026, at 1:30 p.m. PT at the U.S. District Courthouse in Los Angeles. The court will consider whether the settlement is fair and adequate and rule on the fee amount.

Current Owlet shareholders may attend the hearing and voice objections. Written objections must be filed with the court and sent to plaintiffs' counsel at least 14 days before the hearing date. Objections must include specific requirements including proof of stock ownership, detailed objection statements, and grounds for opposition.

Shareholders who fail to object within the prescribed manner will waive their right to challenge any aspect of the settlement and will be bound by the court's judgment.

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• BMO Capital Starts Energy Fuels (UUUU) at Outperform
• Apple Trains Its Own AI Model For China Market With Alibaba's Support- Reuters