NEW YORK, March 3, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, notifies investors of class action against Fitbit Inc. ("Fitbit" or the "Company") (NYSE: FIT). The class action has been filed in the United States District Court, Northern District of California on behalf of a class consisting of all persons or entities who purchased Fitbit, Inc. securities during the period between June 18, 2015 and January 6, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Fitbit designs wearable fitness-tracking devices. The Company's main products are watches and other wearable devices that purport to monitor a user's fitness activity and tracking fitness activities. The Fitbit Charge HR ("Charge HR"), a wireless heart rate and activity wristband, and Fitbit Surge ("Surge"), a fitness watch that consists of a GPS watch, heart rate tracker, activity tracker, and smartwatch are among some of the Company's products.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding its business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Fitbit's heart rate monitoring technology was inaccurate and did not consistently deliver accurate heart rate readings during exercise; (ii) the inaccuracy of Fitbit's heart rate monitoring technology posed serious health risks to users of Fitbit's products; and (iii) as a result of the foregoing, Fitbit's public statements were materially false and misleading at all relevant times.
On January 6, 2016, a class action lawsuit was filed against Fitbit alleging that the heart rate monitoring systems on the Company's Charge HR and Surge devices were dangerously inaccurate and posed serious health risks to users. The claims against Fitbit also include violations of California's Unfair Competition Law and Consumers Legal Remedies Act, common law fraud, and unjust enrichment.
Following this news, Fitbit stock fell $1.40, or 5.8%, to close at $22.90 on January 6, 2016. The stock continued to fall $2.15, or 5.12%, to a new low of $20.25 during intra-day trading on January 7, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint and join the action, visit the firm's website: http://www.bgandg.com/#!fit/hsc9q. To discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Fitbit you have until March 11, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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