An investor in Fitbit Inc (NYSE:FIT), filed a lawsuit over alleged violations of Federal Securities Laws by Fitbit Inc in connection with certain allegedly false and misleading statements.
Shares of Fitbit Inc (NYSE:FIT) declined from $44.60 per share in August 2015 to as low as $15.52 per share on January 20, 2016.
Investors who purchased shares of Fitbit Inc (NYSE:FIT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 11, 2016. NYSE:FIT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges on behalf of purchasers of Fitbit Inc (NYSE:FIT) common shares between June 18, 2015 and January 6, 2016, that the defendants violated the Securities Exchange Act of 1934. More specifically, the plaintiff claims that between June 18, 2015 and January 6, 2016 defendants made false and/or misleading statements and/or failed to disclose that Fitbit’s heart rate monitoring technology was inaccurate and did not consistently deliver accurate heart rate readings during exercise, that the inaccuracy of Fitbit’s heart rate monitoring technology posed serious health risks to users of Fitbit’s products, and that 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 reported filed against Fitbit Inc 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 inaccurate. The claims against Fitbit Inc include violations of California’s Unfair Competition Law and Consumers Legal Remedies Act, common law fraud, and unjust enrichment
Those who purchased shares of Fitbit Inc (NYSE:FIT) have certain options and should contact the Shareholders Foundation.
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