Fitbit, Inc. Securities Fraud Class Action

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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, Esq. at (484) 270-1453; 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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Did you purchase shares of Fitbit, Inc. (2018) prior to the Class Period?

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COMPANY	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	August 2, 2016 - January 30, 2017
SECURITY TYPE	All 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:

Plaintiff filed a consolidated amended complaint (the “Amended Complaint”) on June 24, 2019. Defendants filed a Motion to Dismiss the Amended Complaint on August 23, 2019. On March 23, 2020, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Amended Complaint. Plaintiffs did not amend the Amended Complaint, and on April 28, Judgment was entered by the Court. Plaintiff filed a notice appealing the Court's Dismissal Order on May 27, 2020, and on May 17, 2021, the Ninth Circuit Court of Appeals affirmed the District Court’s Dismissal.

This action has concluded.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. 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.