NEW YORK, Nov. 1, 2019 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors Fitbit, Inc. ("FIT" or the "Company") (NYSE: FIT) in connection with the proposed acquisition of the Company by Alphabet, Inc.'s Google ("Google"). Under the terms of the acquisition agreement, FIT shareholders will receive $7.35 for each FIT share they own.
If you own FIT shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether FIT's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the per-share offer is $0.65 below the analyst target price of $8.00 and represents a 63% discount to FIT's 2015 initial public offering price. Additionally, the acquisition is a strategic transaction for Google, which hopes to leverage FIT's wearables technology to bolster its own wearables software unit and aid its parent company's healthcare efforts in its Verily life sciences unit.
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com
SOURCE WeissLaw LLP