NEW YORK, Nov. 29, 2018 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Fitbit, Inc. ("Fitbit" or the "Company") (NYSE: FIT) and other defendants, related to alleged violations of federal securities laws.  If you purchased Fitbit securities between August 2, 2016 and January 30, 2017, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.  The lead plaintiff deadline is December 31, 2018.

Fitbit is a technology company focused on health-related devices.

According to the lawsuit, 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: (1) the Company was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors; (2) the Company was experiencing increased competition; (3) demand and sell-through for the Company's existing and new products were being negatively impacted; (4) the Company's sales and financial results were weakening, and growth was slowing; and (5) the Company's financial guidance was overstated.

On November 2, 2016, Fitbit issued a press release announcing its Q3 2016 financial results and lowering its guidance for 2016.  On this news, Fitbit's share price fell $4.30 per share—33.6%—to close at $8.51 per share on November 3, 2016.

Then, on January 30, 2017, Fitbit issued a press release announcing disappointing preliminary fourth quarter 2016 financial results.  On this news, Fitbit's share price fell $1.15 per share—16%—to close at $6.06 per share on January 30, 2017.

What You Can Do

If you purchased Fitbit securities between August 2, 2016 and January 30, 2017, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at jpettigrew@scott-scott.com. 

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.  The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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CONTACT:

Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Fl, NY, NY 10169
(844) 818-6982
jpettigrew@scott-scott.com

 

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SOURCE Scott+Scott Attorneys at Law LLP