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.
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Kessler Topaz Meltzer & Check, LLP
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Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
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