NEW YORK, March 3, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies
investors of class action against Fitbit Inc. ("Fitbit" or the
"Company") (NYSE: FIT). The class action has been filed in
the United States District Court, Northern District of California on behalf of a class consisting of
all persons or entities who purchased Fitbit, Inc. securities
during the period between June 18,
2015 and January 6, 2016
inclusive (the "Class Period").
This class action seeks to recover damages against Defendants
for alleged violations of the federal securities laws under the
Securities Exchange Act of 1934 (the "Exchange
Act").
Fitbit designs wearable fitness-tracking devices. The Company's
main products are watches and other wearable devices that purport
to monitor a user's fitness activity and tracking fitness
activities. The Fitbit Charge HR ("Charge HR"), a wireless
heart rate and activity wristband, and Fitbit Surge ("Surge"), a
fitness watch that consists of a GPS watch, heart rate tracker,
activity tracker, and smartwatch are among some of the Company's
products.
The complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding its 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.
On January 6, 2016, a class action
lawsuit was filed against Fitbit alleging 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. The claims against Fitbit also include violations of
California's Unfair Competition
Law and Consumers Legal Remedies Act, common law fraud, and unjust
enrichment.
Following this news, Fitbit stock fell $1.40, or 5.8%, to close at $22.90 on January 6,
2016. The stock continued to fall $2.15, or 5.12%, to a new low of $20.25 during intra-day trading on January 7, 2016.
A class action lawsuit has already been filed. If you wish to
review a copy of the Complaint and join the action, visit the
firm's website: http://www.bgandg.com/#!fit/hsc9q. To discuss this
action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations
Analyst, Yael Hurwitz of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email
info@bgandg.com. Those who inquire by e-mail are encouraged to
include their mailing address and telephone number. If you
suffered a loss in Fitbit you have until March 11, 2016 to request that the Court
appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not guarantee
similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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SOURCE Bronstein, Gewirtz & Grossman, LLC