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Investor Class Action Filed Against Fitbit, Inc. for Securities Fraud Violations
Company Name: Fitbit, Inc.
Court: United States District Court for the Northern District of California
Case Number: 18-cv-06665
Judge: The Hon. Jon Steven Tigar
Class period: Between August 2, 2016 and January 30, 2017
Security Type: Securities

Case Background:

On November 01, 2018, the initial complaint in this securities class action was filed against Fitbit Inc. (“Fitbit” or the “Company”) and certain of Fitbit’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.  

The complaint alleged that throughout the class period, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the complaint alleged that the defendants failed to disclose that: (1) the Company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors; (2) as such, the Company was experiencing increased competition; (3) as a result, demand and sell-through for the Company’s existing and new products were being negatively impacted; (4) as a result, the Company’s sales and financial results were weakening, and growth was slowing; (5) the Company’s financial guidance was overstated; and (6) as a result of the foregoing, defendants’ statements during the class period about Fitbit’s business, operations, financial results and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

This is a securities class action on behalf of those who purchased or otherwise acquired Fitbit securities between August 2, 2016 and January 30, 2017, inclusive.

Current Status of Case:

On April 23, 2020, the Court granted the defendants’ motion to dismiss the action, and on May 27, 2020, the lead plaintiff filed an appeal with the United States Court of Appeals for the Ninth Circuit.  The lead plaintiff’s appeal is in the process of being briefed before the Appellate Court.

If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form relating to your transactions for Fitbit, Inc. (NYSE: FIT) securities between August 2, 2016 and January 30, 2017, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

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# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Fitbit, Inc. (2018) prior to the Class Period?
Are you a current or former employee of Fitbit, Inc. (2018)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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