FIT Investors: GPM Announces The Filing Of A Securities Class Action On Behalf Of Fitbit Inc. Investors
03 March 2016 - 2:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces the filing of
a class action lawsuit 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 Lesley Portnoy of GPM
at 310-201-9150 to discuss their legal rights.
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 you have until March 11,
2016 to request that the Court appoint you as lead plaintiff.
If you have information or would like to learn more about these
claims, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite
2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160302005480/en/
Glancy Prongay & Murray, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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