Investor Alert: The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Fitbit Inc....
01 March 2016 - 2:30AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed on behalf of investors who purchased Fitbit
Inc. ("Fitbit" or the "Company") (NYSE: FIT) between June 18,
2015 and January 6, 2016, inclusive (the “Class Period”).
Injured investors are encouraged to contact the Law Offices of
Howard G. Smith to discuss their legal rights in this class
action.
On January 6, 2016, a class action lawsuit was reported filed
against Fitbit 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 dangerously inaccurate. The
claims against Fitbit include violations of California's Unfair
Competition Law and Consumers Legal Remedies Act, common law fraud,
and unjust enrichment. Upon this news, Fitbit stock dropped $1.40,
or 5.8%, to close at $22.90 on January 6, 2016.
The complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (i) Fitbit’s heart rate
monitoring technology was inaccurate and did not consistently
deliver accurate heart rate readings during exercise; (ii) the
inaccuracy of Fitbit’s heart rate monitoring technology posed
serious health risks to users of Fitbit’s products; and (iii) as a
result of the foregoing, Fitbit’s public statements were materially
false and misleading at all relevant times.
Update: On February 23, 2016, the Company’s shares fell $3.44
per share, or 21%, to close at $13.08 per share, on news that
Fitbit was lowering its revenue and profit forecasts, citing higher
costs and slower-than- expected sales from the rollout of its
newest products.
If you purchased Fitbit securities during the Class Period you
may move the Court no later than March 11, 2016 to ask the
Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160229005436/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
Fitbit (NYSE:FIT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Fitbit (NYSE:FIT)
Historical Stock Chart
From Jul 2023 to Jul 2024