FITBIT INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Fitbit Inc. – FIT
October 28 2016 - 9:07PM
Business Wire
Former Attorney General of Louisiana, Charles C. Foti, Jr.,
Esq., a partner at the law firm of Kahn Swick & Foti, LLC
(“KSF”), announces that KSF has commenced an investigation into
Fitbit Inc. (NYSE: FIT).
On October 26, 2016, a United States District Judge for the
Northern District of California United States District Court denied
a motion to dismiss in a shareholder class action against Fitbit
and certain of its officers and directors, including CEO,
President, and Chairman James Park, Chief Financial Officer William
Zerella, Chief Technology Officer and Director Eric Friedman,
Director Jonathan Callaghan, Director Steven Murray, and Director
Christopher Paisley. Fitbit and the other defendants failed to
disclose to investors that its heart rate monitoring technology
does not consistently deliver accurate heart rate readings,
particularly during exercise, when undercounted heart rates could
pose serious health risks to users.
In denying Fitbit’s motion to dismiss the securities fraud class
action, the court stated that the plaintiffs had “pointed to
numerous statements in which Fitbit claimed that its devices were
able to track heart rates and could do so with a high degree of
accuracy” and has “sufficiently alleged material misrepresentation
or omission” by the defendants.
KSF’s investigation is focusing on whether Fitbit’s officers
and/or directors breached their fiduciary duties to Fitbit’s
shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its
investigation, or have been a long-term holder of Fitbit shares and
would like to discuss your legal rights, you may, without
obligation or cost to you, call toll-free at 1-877-515-1850 or
email KSF Managing Partner Lewis Kahn
(lewis.kahn@ksfcounsel.com).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney
General Charles C. Foti, Jr., is a law firm focused on securities,
antitrust and consumer class actions, along with merger &
acquisition and breach of fiduciary litigation against publicly
traded companies on behalf of shareholders. The firm has offices in
New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161028005856/en/
Kahn Swick & Foti, LLCLewis Kahn, 1-877-515-1850Managing
Partnerlewis.kahn@ksfcounsel.com
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