NEW YORK, Nov. 1, 2019 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors Fitbit, Inc. ("FIT" or
the "Company") (NYSE: FIT) in connection with the proposed
acquisition of the Company by Alphabet, Inc.'s Google ("Google").
Under the terms of the acquisition agreement, FIT
shareholders will receive $7.35 for
each FIT share they own.
If you own FIT shares and wish to discuss this
investigation or have any questions concerning this notice or your
rights or interests, visit our website:
http://www.weisslawllp.com/fitbit-inc/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
WeissLaw is investigating whether FIT's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the per-share offer is $0.65
below the analyst target price of $8.00 and represents a 63% discount to FIT's 2015
initial public offering price. Additionally, the acquisition
is a strategic transaction for Google, which hopes to leverage
FIT's wearables technology to bolster its own wearables software
unit and aid its parent company's healthcare efforts in its Verily
life sciences unit.
Given these facts, WeissLaw is concerned whether the proposed
acquisition undervalues the Company, and whether all material
information related to the proposed acquisition is fully and fairly
disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com
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SOURCE WeissLaw LLP