Pomerantz LLP is investigating claims on behalf of investors of Obalon Therapeutics, Inc. ("Obalon" or the "Company"). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Obalon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 23, 2018, Obalon announced that 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, Obalon's share price fell $1.73, or 33.33%, to close at $3.46 on January 23, 2018.