Fitbit Inc (NYSE:FIT) Investor Securities Class Action Lawsuit 10/30/2018

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Company Name(s): 
Case Name: 
Fitbit Shareholder Class Action Lawsuit 10/30/2018
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 

March 23, 2020 - the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

August 23, 2019 - The defendants filed a Motion to Dismiss the consolidated amended Complaint.

June 24, 2019 - A consolidated amended Complaint was filed.

October 31, 2018 - 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 August 2, 2016 and January 30, 2017.

On November 2, 2016, Fitbit Inc announced its Q3 2016 financial results. Fitbit Inc disclosed that it was lowering its full year 2016 revenue guidance to “between $2.320 billion and $2.345 billion,” down from the previously-announced “$2.5 to $2.6 billion.” On this news, Fitbit’s share price fell $4.30 per share, or 33.6%, to close at $8.51 per share on November 3, 2016, on unusually heavy trading volume.
Then, on January 30, 2017, Fitbit announced its preliminary fourth quarter 2016 financial results. Fitbit Inc disclosed that it expected fourth quarter of 2016 revenue to be in the range of $572 million to $580 million, rather than its previously announced guidance range of $725 million to $750 million.
Fitbit also disclosed expected annual revenue growth of approximately 17%, rather than the previously-announced forecast of 25% to 26%.

Shares of Fitbit Inc (NYSE:FIT) declined from $17.18 per share in September 2016 to as low as $5.91 per share on January 31, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Fitbit Inc (NYSE:FIT) common shares between August 2, 2016 and January 30, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 2, 2016 and January 30, 2017, the Defendants failed to disclose that the company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors, that, as such, Fitbit Inc was experiencing increased competition, that, as a result, demand and sell-through for the Company’s existing and new products were being negatively impacted, that, as a result, the Company’s sales and financial results were weakening, and growth was slowing, that the Company’s financial guidance was overstated, and that, as a result of the foregoing, Defendants’ statements between August 2, 2016 and January 30, 2017about Fitbit’s business, operations, financial results and prospects, were materially false and/or misleading and/or lacked a reasonable basis.