The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of 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.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. 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 companys products were negatively impacted. This led to Fitbits sales and financial results weakening at the same time as its growth was slowing. Despite the weakening, the Companys financial guidance was overstated. Based on these facts, the Companys public statements were false and materially misleading throughout the class period. When the market learned the truth about Fitbit, investors suffered damages.
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 [email protected].
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.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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