GlobeNewswire Inc | Jan 22, 2021 04:46PM EST

January 22, 2021

NEW YORK, Jan. 22, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of Obalon Therapeutics, Inc. (NASDAQ: OBLN) breached their fiduciary duties or violated the federal securities laws in connection with the companys acquisition by ReShape Lifesciences Inc. (Other OTC: RSLS).

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On January 20, 2021, Obalon announced that it had signed an agreement to be acquired by ReShape in an all-stock merger. Pursuant to the merger agreement, at the close of the merger, current Obalon stockholders will own 49% while current ReShape stockholders will own 51% of the combined company.

Bragar Eagel & Squire is concerned that Obalons board of directors oversaw an unfair process and ultimately agreed to an inadequate merger agreement. Accordingly, the firm is investigating all relevant aspects of the deal and is committed to securing the best result possible for Obalons stockholders.

If you own shares of Obalon and are concerned about the proposed merger, or you are interested in learning more about the investigation or your legal rights and remedies, please contact Melissa Fortunato or Alexandra Raymond by email atinvestigations@bespc.comor telephone at (646) 860-9157, or byfilling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:Bragar Eagel & Squire, P.C.Melissa Fortunato, Esq.Alexandra Raymond, Esq.investigations@bespc.comwww.bespc.com