OBALON THERAPEUTICS, INC. (NASDAQ:OBLN) Files An 8-K Other EventsItem 8.01Other Events.
On January 23, 2018, Obalon Therapeutics, Inc. (the “Company”) issued a press release announcing the termination of its previously announced offering of common stock and the underwriting agreement relating to the offering. The termination was due to a purported whistleblower complaint submitted to KPMG LLP, the Company’s independent auditors, related to allegedly improper revenue recognition during the Company’s fourth fiscal quarter of 2017.
In connection with the receipt of the complaint, the Company also announced that the audit committee of the Company’s board of directors will oversee an internal investigation of these allegations. The Company is currently unable to predict the timing or outcome of the investigation.
A copy of the press release is attached to this report as Exhibit 99.1 and incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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99.1 |
Press Release, dated January 23, 2018
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OBALON THERAPEUTICS INC ExhibitEX-99.1 2 oblnpressrelease.htm EXHIBIT 99.1 Exhibit Obalon Announces Termination of Public Offering of Common Stock SAN DIEGO,…To view the full exhibit click here
About OBALON THERAPEUTICS, INC. (NASDAQ:OBLN)
Obalon Therapeutics, Inc. is a United States-based commercial-stage medical device company focused on developing and commercializing medical devices to treat obese and overweight people by facilitating weight loss. The Company’s product, Obalon balloon system, is a swallowable, gas-filled intragastric balloon designed to provide weight loss in obese patients. The Obalon balloon system is intended to be used as an adjunct to a moderate intensity diet and behavior modification program. All balloons must be removed six months after the first balloon is placed. The Obalon balloon system intends to provide patients and physicians with a reversible and repeatable weight loss solution in an outpatient setting, without altering patient anatomy or requiring surgery. The Company has received Premarket approval (PMA) for its Obalon balloon system based on the results of its United States pivotal clinical trial, referred to as the SMART trial.
