NEW YORK, Jan. 7, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Fitbit Inc. ("Fitbit" or the "Company") (NYSE: FIT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Fitbit and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On January 6, 2016, a class action lawsuit was reported filed against Fitbit in the U.S. District Court for the Northern District of California, alleging that the heartrate monitoring systems on the company's wearable devices were dangerously inaccurate. The claims against Fitbit include violations of California's Unfair Competition Law and Consumers Legal Remedies Act, common law fraud, and unjust enrichment.
On this news, Fitbit stock fell $1.40, or 5.8%, to close at $22.90 on January 6, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. Willoughby Pomerantz LLP email@example.com
SOURCE Pomerantz LLP