Cases
Fitbit, Inc. (FIT)
Securities Class Action
Overview
Overview
- Date:
- 11/2/2018
- Company Name:
- Fitbit, Inc.
- Stock Symbol:
- FIT
- Class Period:
- FROM 8/2/2016 TO 1/30/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Northern California
NEW YORK, November 2, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all persons or entities who purchased or otherwise acquired Fitbit, Inc. (NYSE: FIT) securities between August 2, 2016 and January 30, 2017 (the “Class Period”). Investors have until December 31, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint filed in this class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants failed to disclose: (1) that the company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors; (2) that, as such, the company was experiencing increased competition; (3) that, as a result, demand and sell-through for the company’s existing and new products were being negatively impacted; (4) that, as a result, the company’s sales and financial results were weakening, and growth was slowing; (5) that the company’s financial guidance was overstated; and (6) that, as a result of the foregoing, defendants statements during the Class Period about Fitbit’s business, operations, financial results and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
If you purchased Fitbit securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint filed in this class action alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants failed to disclose: (1) that the company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors; (2) that, as such, the company was experiencing increased competition; (3) that, as a result, demand and sell-through for the company’s existing and new products were being negatively impacted; (4) that, as a result, the company’s sales and financial results were weakening, and growth was slowing; (5) that the company’s financial guidance was overstated; and (6) that, as a result of the foregoing, defendants statements during the Class Period about Fitbit’s business, operations, financial results and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
If you purchased Fitbit securities during the Class Period or continue to hold shares purchased before the Class Period, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.