LOS ANGELES, Dec. 03, 2018 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Fitbit, Inc. (“Fitbit” or “the Company”) (NYSE: FIT) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between August 2, 2016 and January 30, 2017, inclusive (the ''Class Period''), are encouraged to contact the firm before December 31, 2018.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Fitbit experienced increasingly serious competition and faced difficulty in differentiating itself from companies including Apple that were creating similar products. Based on this competition, demand and sell-through for the company’s products were negatively impacted. This led to Fitbit’s sales and financial results weakening at the same time as its growth was slowing. Despite the weakening, the Company’s financial guidance was overstated. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Fitbit, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
Sherin Mahdavian, Esq.,
www.schallfirm.com
310-301-3335
info@schallfirm.com
SOURCE:
The Schall Law Firm