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Fitbit Inc (NYSE: FIT) Investor Securities Class Action Lawsuit 01/11/2016

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of April 15, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Fitbit Inc(NYSE:FIT
Security
NYSE: FIT

Case Name
Fitbit Shareholder Class Action Lawsuit 01/11/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
fitbit_inc_settlement_notice_2_2018.pdf
Settlement Proof
fitbit_inc_settlement_proof_2_2018.pdf
Filed Complaint
fitbit_inc_original_filing_edited_1_2016.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$33,000,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

January 19, 2018 - The court preliminarily approved the settlement.

January 8, 2018 - A stipulation of settlement was filed by the parties.

October 26, 2016 - The court denied defendants' motions to dismiss.

July 29, 2016 - A motion to dismiss the amended complaint was filed.

July 1, 2016 - An amended complaint was filed. January 11, 2016 - An investor in shares of Fitbit Inc (NYSE: FIT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Fitbit Inc in connection with certain allegedly false and misleading statements made between June 18, 2015 and January 6, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Fitbit Inc (NYSE: FIT) common shares between June 18, 2015 and January 6, 2016, that the defendants violated the Securities Exchange Act of 1934.

More specifically, the plaintiff claims that between June 18, 2015 and January 6, 2016 defendants made false and/or misleading statements and/or failed to disclose that Fitbit Inc’s heart rate monitoring technology was inaccurate and did not consistently deliver accurate heart rate readings during exercise, that the inaccuracy of Fitbit Inc’s heart rate monitoring technology posed serious health risks to users of Fitbit Inc’s products, and that as a result of the foregoing, Fitbit Inc’s public statements were materially false and misleading at all relevant times. Fitbit Inc reported that its annual Total Revenue rose from $271.09 million in 2013 to $745.43 million in 2014 and that its Net Loss of $51.62 million turned into a Net Income of $131.78 million in 2014.

On January 6, 2016, a class action lawsuit was reported filed against Fitbit Inc in the U.S. District Court for the Northern District of California, alleging that the heart rate monitoring systems on the company's wearable devices were inaccurate. The claims against Fitbit Inc include violations of California's Unfair Competition Law and Consumers Legal Remedies Act, common law fraud, and unjust enrichment.

Shares of Fitbit Inc (NYSE: FIT) declined from $44.60 per share in August 2015 to as low as $18.43 per share on January 11, 2016.

fitbit_inc_original_filing_edited_1_2016.pdf
Date Settled