Glancy Prongay & Murray LLP (GPM) announces an investigation on behalf of Fitbit, Inc. (Fitbit or the Company) (NYSE: FIT) investors concerning the Company and its officers possible violations of federal securities laws.
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The investigation concerns whether the Company misled investors regarding its profitability and future revenues. On January 30, 2017, Fitbit issued a press release announcing its preliminary fourth quarter 2016 financial results. In the press release, Fitbit disclosed that it expected fourth quarter of 2016 revenue to be in the range of $572 million to $580 million, rather than its previously announced guidance range of $725 million to $750 million. Fitbit also disclosed expected annual revenue growth of approximately 17%, rather than the previously-announced forecast of 25% to 26%.
On this news, Fitbits share price fell $1.15 per share, or 16%, to close at $6.06 per share on January 30, 2017, thereby injuring investors.
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If you purchased Fitbit securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles/New York
Portnoy, 310-201-9150 or 888-773-9224