| 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. This is a federal securities class action on behalf of a class consisting of all those who purchased Fitbit securities between August 2, 2016 and January 30, 2017, both dates inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, 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 alleges 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.
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: Jon Naji, 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.