SAN FRANCISCO, Jan. 12, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts investors of the February 29, 2016 lead plaintiff deadline in the securities fraud class action lawsuit filed against Fitbit, Inc. (NYSE: FIT ) in connection with the alleged inaccuracy of the Company’s heart rate monitoring data.
If you suffered losses because of your purchases of Fitbit securities between June 15, 2015 and January 6, 2016 , contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing FIT@hbsslaw.com or visiting https://www.hbsslaw.com/cases/FIT . The lawsuit was filed in the U.S. District Court for the Northern District of California and investors have until March 11, 2016 to move the court to participate as a lead plaintiff.
Fitbit designs and manufactures wearable fitness tracking devices, including wrist bands and clip-on devices that track health and fitness activities. Among the Company’s products are Fitbit Charge HR, which combines a heart rate and activity wristband, and Fitbit Surge, a fitness watch that consists of a GPS watch, heart rate tracker, activity tracker, and smartwatch.
On January 6, 2016, a class action lawsuit was filed against Fitbit alleging that the heart rate monitoring systems on the Charge HR and Surge devices were dangerously inaccurate and posed serious health risks to users ( McLellan et al. v. Fitbit, Inc. , 3:16-cv-00036) (N.D. Cal. Jan. 5, 2016). 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, Fitbit’s stock fell $1.40, or 5.8%, to close at $22.90 on January 6, 2016. The share price has since fallen below its IPO-price of $20.00.
The securities fraud class action alleges that Fitbit misled investors when it 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) this inaccuracy posed serious health risks to users of Fitbit’s products; and (iii) as a result, Fitbit’s public statements were materially false and misleading at all relevant times.
If you are an investor who held Fitbit securities between June 15, 2015 and January 6, 2016 and would like to learn more about this lawsuit, your ability to participate as a lead plaintiff, or our investigation, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Fitbit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email FIT@hbsslaw.com .
About Hagens Berman Hagens Berman is headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com . Read the Firm’s Securities Newsletter , and visit the blog . For the latest news visit our newsroom or follow us on Twitter at @classactionlaw .
Contact: Reed Kathrein, 510-725-3000
