Oura delays IPO plans as it faces lawsuit over sleep-tracking accuracy

Oura, a Finnish company that makes smart rings, has delayed plans to list on the Nasdaq because the IPO market is uncertain.

It also faces a lawsuit in San Francisco from customers who allege that its rings overstate the accuracy of their sleep tracking.

The lawsuit argues that accurately identifying sleep stages requires measuring brain waves, eye movements and muscle tone, which a ring does not track.

Oura says it stands by its data and will defend itself in court.

The company is also adding health features, including signals related to blood pressure and tools for tracking GLP-1 medications used to help manage blood sugar and support weight loss.

Oura says its Health Radar uses blood pressure signals and night-time breathing to help users decide whether to rest, adjust their habits or seek medical advice.

The company says it will pursue its business plans and choose a later moment for an IPO, but it has not given a new listing date.