Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Fitbit, Inc. (“Fitbit”) securities between August 2, 2016 and January 30, 2017, inclusive (the “Class Period”).
The complaint 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 that: (1) the company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors; (2) as such, the company was experiencing increased competition; (3) as a result, demand and sell-through for the company’s existing and new products were being negatively impacted; (4) as a result, the company’s sales and financial results were weakening, and growth was slowing; (5) the company’s financial guidance was overstated; and (6) 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.
Current Status of Case:
On March 23, 2020, the Court granted Defendants' Motion to Dismiss. Despite being given leave to amend, the Lead Plaintiffs did not amend the Complaint, and on April 28, 2020, Judgment was entered by the Court. On May 27, 2020, the Lead Plaintiff filed a notice appealing the Court's Dismissal Order, and on May 17, 2021, the Ninth Circuit Court of Appeals affirmed the District Court’s Dismissal. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.