March 11 Deadline: Glancy Prongay & Murray LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit A...
08 March 2016 - 5:01AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) reminds investors that a
class action complaint has been filed on behalf of a class 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 shares of Fitbit during the Class Period you
may move the Court no later than March 11, 2016 to request
appointment as lead plaintiff. If you purchased Fitbit securities
during the Class Period, or 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/20160307006294/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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