WILMINGTON, Del., Jan. 12, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Fitbit, Inc. (NYSE:FIT)?
- Did you purchase your shares pursuant and/or traceable to the June 18, 2015 initial public offering, or between June 18, 2015 and January 6, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities that purchased the common stock of Fitbit, Inc. (“Fitbit” or the “Company”) (NYSE:FIT) between June 18, 2015 and January 6, 2016, inclusive, including those investors who acquired Fitbit shares pursuant or traceable to its initial public offering (“IPO”) commenced on or about June 18, 2015 (collectively, the “Class Period), alleging violations of the Securities Exchange Act of 1933 and the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Fitbit in the June 18, 2015 offering, or during the period June 18, 2015 and January 11, 2016, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/fitbit-inc-fit-lawsuit.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on January 5, 2016, a class action lawsuit was reported as 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 include violations of California’s Unfair Competition Law and Consumers Legal Remedies Act, common law fraud, and unjust enrichment.
On this news, shares in Fitbit dropped over 18%, closing at $24.30 per share on January 5, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than March 11, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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