Baystreet Staff -

IMPORTANT SHAREHOLDER ALERT: The Schall Law Firm Announces it is Investigating Claims Against Obalon Therapeutics, Inc.

[ACCESSWIRE]

LOS ANGELES, CA / ACCESSWIRE / February 8, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Obalon Therapeutics, Inc. ("Obalon" or "the Company") (NASDAQ: OBLN) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On January 23, 2018, Obalon announced it would cancel its previously announced public offering of Obalon common stock after its independent auditor, KPMG LLP, received a complaint from a "purported whistleblower" alleging "improper revenue recognition during the Company's fourth fiscal quarter of 2017." On this news, shares of Obalon fell $1.73 per share or over 33% from its previous closing price to close at $3.46 per share on January 23, 2018. When the truth was revealed to the investing public, shares dropped causing shareholders harm.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

The Schall Law Firm represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.

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

CONTACT:

The Schall Law Firm
Brian Schall, Esq.,
Sherin Mahdavian, Esq.,
www.schallfirm.com

SOURCE: The Schall Law Firm