January 23, 2018 / 2:35 PM / a year ago

BRIEF-Obalon Announces Termination Of Public Offering Of Common Stock

Jan 23 (Reuters) - Obalon Therapeutics Inc:

* OBALON ANNOUNCES TERMINATION OF PUBLIC OFFERING OF COMMON STOCK

* OBALON THERAPEUTICS- TERMINATION OF UNDERWRITING AGREEMENT,CANCELLATION OF PREVIOUSLY ANNOUNCED OFFERING OF 5.5 MILLION SHARES AT PRICE OF $5.50/SHARE

* OBALON - PURPORTED WHISTLEBLOWER CONTACTED CO’S INDEPENDENT AUDITORS TO ALLEGE “IMPROPER REVENUE RECOGNITION” IN FISCAL Q4

* OBALON - ALLEGATIONS BY PURPORTED WHISTLEBLOWER WERE REPORTED TO CO LATE ON JAN. 22

* OBALON -‍CO’S AUDIT COMMITTEE TO OVERSEE AN INTERNAL INVESTIGATION OF ALLEGATIONS RELATING TO ALLEGEDLY “IMPROPER REVENUE RECOGNITION” DURING Q4 2017

* OBALON - REPORTING ALLEGATIONS TO CO ON JAN. 22 MADE IT “INFEASIBLE” TO COMPLETE INVESTIGATION BEFORE INTENDED CLOSING OF PUBLIC OFFERING

* OBALON - DOESN’T CURRENTLY BELIEVE MATERIAL ADJUSTMENTS TO PRELIM, UNAUDITED REVENUE FOR Q4 2017, FY2017 REPORTED WILL BE REQUIRED DUE TO ALLEGATIONS Source text for Eikon: Further company coverage:

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