NEW YORK, March 10, 2016 /PRNewswire/ -- Bernstein
Liebhard LLP announced today that only 1 day remains for investors
to file a motion for lead plaintiff in a class action pending
against Fitbit, Inc. ("Fitbit" or the "Company") in the United
States District Court for the Northern District of
California. The case alleges claims on behalf of a class (the
"Class") consisting of all persons or entities who purchased Fitbit
(NYSE: FIT) securities either traceable to the Company's initial
public offering on or about June 18,
2015, and/or on the open market between June 18, 2015 and January
6, 2016 (the "Class Period"). The complaint charges Fitbit
and certain of its officers with violations of the Securities Act
of 1933 and Securities Exchange Act of 1934.
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Fitbit manufactures and sells wearable fitness tracking devices
worldwide. The Company combines these fitness devices with software
and services to monitor and track a user's health and fitness
activity. Among the Company's products are Fitbit Charge HR
("Charge HR"), a wireless wristband that tracks heart rate and
activity, and Fitbit Surge ("Surge"), a fitness smartwatch that
contains GPS and tracks heart rate and activity.
The complaint alleges that throughout the Class Period,
defendants failed to disclose that: (1) Fitbit's heart rate
monitoring technology did not consistently deliver accurate heart
rate readings during exercise; and (2) the inaccuracy of Fitbit's
heart rate monitoring technology posed serious health risks to
users of Fitbit's products.
The complaint alleges that a class action lawsuit (McLellan
et al. v. Fitbit, Inc., 3:16-cv-00036 (N.D. Cal. Jan. 5,
2016) was reported as filed against Fitbit in the U.S.
District Court for the Northern District of California on January
6, 2016. That action alleged that the heart rate monitoring
systems on the Company's Charge HR and Surge devices were
dangerously inaccurate and posed serious health risks to users.
These claims against Fitbit include violations of California's Unfair Competition Law and
Consumers Legal Remedies Act, common law fraud, and unjust
enrichment.
On this news, Fitbit's stock fell $1.40, or 5.8%, to close at $22.90 on January 6,
2016.
Plaintiffs seek to recover damages on behalf of all Class
members who either purchased Fitbit securities traceable to the
Company's initial public offering or on the open market during the
Class Period. If you invested in Fitbit securities as
described above, and lost money on the transactions, you may wish
to join in this action to serve as lead plaintiff. In order to do
so, you must meet certain requirements set forth in the applicable
law and file appropriate papers no later than March 11, 2016.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as lead plaintiff. Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Bernstein Liebhard
LLP, or other counsel of your choice, to serve as your counsel in
this action.
If you are interested in discussing your rights as a Fitbit
investor and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3.5 billion for its
clients. The National Law Journal has recognized
Bernstein Liebhard for twelve consecutive years as one of the top
plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Northern
District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2016 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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