Fitbit Inc (NYSE: FIT) Investor Securities Class Action Lawsuit 01/11/2016

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Company Name(s): 
Fitbit
Case Name: 
Fitbit Shareholder Class Action Lawsuit 01/11/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: FIT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/11/2016
Class Period Begin: 
06/18/2015
Class Period End: 
05/19/2016
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/11/2016
Date Settled: 
01/19/2018
Settlement Amount: 
$33,000,000
Deadline to Participate in Settlement: 
04/15/2018
Settlement Notice: 
Settlement Proof: 
Summary: 

The settlement includes all persons who (i) purchased or otherwise acquired Fitbit Inc Class A common stock pursuant and/or traceable to the Company’s initial public offering on or about June 18, 2015 (the “IPO”) or the Company’s follow-on public offering on or about November 13, 2015 (the “SPO”); and/or (ii) purchased or otherwise acquired Fitbit Inc Common Stock or exchange-traded call options on Fitbit Inc Common Stock (“Call Options”), and/or sold (written) exchange-traded put options on Fitbit Inc Common Stock (“Put Options”), on the open market between June 18, 2015, and May 19, 2016.

April 23, 2018 - The court approved the settlement.

January 19, 2018 - The court preliminarily approved the settlement.

January 8, 2018 - Parties filed a stipulation of settlement.

October 26, 2016 - The court denied defendants' motions to dismiss.

August 5, 2016 - More defendants filed a motion to dismiss.

July 29, 2016 - Defendants filed a motion to dismiss.

July 1, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Fitbit Inc (NYSE: FIT) common shares between June 18, 2015 and May 19, 2016. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between June 18, 2015 and May 19, 2016.

May 10, 2016 - Lead plaintiff and lead counsel were appointed.

March 11, 2016 - Lead plaintiff motions were filed.

January 11, 2016 - An investor in shares of Fitbit Inc (NYSE: FIT) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Fitbit Inc in connection with certain allegedly false and misleading statements made between June 18, 2015 and January 6, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Fitbit Inc (NYSE: FIT) common shares between June 18, 2015 and January 6, 2016, that the defendants violated the Securities Exchange Act of 1934. More specifically, the plaintiff claims that between June 18, 2015 and January 6, 2016 defendants made false and/or misleading statements and/or failed to disclose that Fitbit Inc’s heart rate monitoring technology was inaccurate and did not consistently deliver accurate heart rate readings during exercise, that the inaccuracy of Fitbit Inc’s heart rate monitoring technology posed serious health risks to users of Fitbit Inc’s products, and that as a result of the foregoing, Fitbit Inc’s public statements were materially false and misleading at all relevant times.

Fitbit Inc reported that its annual Total Revenue rose from $271.09 million in 2013 to $745.43 million in 2014 and that its Net Loss of $51.62 million turned into a Net Income of $131.78 million in 2014.

On January 6, 2016, a class action lawsuit was reported filed against Fitbit Inc in the U.S. District Court for the Northern District of California, alleging that the heart rate monitoring systems on the company's wearable devices were inaccurate. The claims against Fitbit Inc include violations of California's Unfair Competition Law and Consumers Legal Remedies Act, common law fraud, and unjust enrichment.

Shares of Fitbit Inc (NYSE: FIT) declined from $44.60 per share in August 2015 to as low as $18.43 per share on January 11, 2016.