Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Fitbit securities pursuant and/or traceable to the Company’s Registration Statement and Prospectus issued in connection with Fitbit’s initial public offering (the “IPO”) on or about June 18, 2015, and/or between June 18, 2015 and January 6, 2016 (the “Class Period”). The case, Robb v. Fitbit Inc., No. 16-cv-151 was filed on January 11, 2016, and has been assigned to Judge Susan Illston.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that Fitbit’s heart rate monitoring technology was inaccurate and failed to consistently provide accurate heart rate readings during exercises, posing serious health risks to its customers.
Specifically, on January 6, 2016, news was reported of a class action lawsuit filed against Fitbit alleging that inaccurate heart rate monitoring systems in Fitbit’s Charge HR and Surge devices created a risk of life-threatening overexertion.
After news that the complaint was filed, the share price fell $1.40 per share that day to close at $22.90 per share, a 5.7% drop, on January 6, 2016.