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Article Date: January 2018
Word Count: 224

Fitbit Settles with Shareholders for $33 Million

The shareholder class action was originally filed in Jan. 2016 in U.S. District Court in San Francisco, accusing Fitbit management and the company’s IPO underwriters of making materially false and misleading statements regarding the accuracy of the heart rate monitoring technology used in its fitness bands. A separate consumer class action lawsuit at the time alleged that the Charge HR and Surge bands were dangerously inaccurate and posed serious health risks, and the share price fell 5.8% to $22.90 on the day that suit was filed. Of course now that sounds pretty good compared to FIT’s current mid-single-digit share price, ... Log in to view full article.


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