Owlet settles derivative lawsuit over Smart Sock statements, agrees to governance reforms

Owlet, Inc.

Court preliminarily approved settlement of derivative action Vargas v. Workman on Sept 11, 2025.
Company to adopt governance reforms including Audit & Risk, ERM, and Disclosure Committees for at least 8 years.
No admission of wrongdoing; company to pay attorney's fees (amount not yet determined).
All derivative claims dismissed with prejudice upon final court approval.

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