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FITBIT, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Fitbit, Inc.

Lead Plaintiff Deadline is December 31, 2018     

NEW YORK, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action class action lawsuit has been filed in the United States District Court for the Northern District of California against Fitbit, Inc. (NYSE:  FIT) ("Fitbit") on behalf of purchasers of Fitbit securities between August 2, 2016 and January 30, 2017, inclusive (the "Class Period").

Investors who have incurred losses in the shares of Fitbit, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Fitbit, Inc., you may, no later than December 31, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Fitbit, Inc.

/EIN News/ -- The filed complaint alleges that throughout the Class Period, the defendants failed to disclose that:

  • Fitbit was struggling to transition its mission and differentiate itself from Apple Inc. and other competitors;
     
  • as such, Fitbit was experiencing increased competition;
     
  • as a result, demand and sell-through for Fitbit's existing and new products were being negatively impacted;
     
  • as a result, Fitbit's sales and financial results were weakening, and growth was slowing;
     
  • Fitbit's financial guidance was overstated; and
     
  • as a result of the foregoing, the defendants' statements during the Class Period about Fitbit's business, operations, financial results and prospects, were materially false and/or misleading and/or lacked a reasonable basis.

The Class Period commences on August 2, 2016, when Fitbit issued a press release entitled "Fitbit Reports $587M Q216 Revenue, $0.03 GAAP EPS/$0.12 Non-GAAP EPS, and Confirms Revenue and Profit Guidance for FY16."

According to the complaint, on November 2, 2016, Fitbit issued a press release announcing its third quarter 2016 financial results. In the press release, Fitbit disclosed that it was lowering its full year 2016 revenue guidance to "between $2.320 billion and $2.345 billion," down from the previously announced "$2.5 to $2.6 billion."

Following this news, Fitbit's share price fell $4.30 per share, or 33.6%, to close at $8.51 per share on November 3, 2016.

Subsequently, 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%. 

Following this news, Fitbit's share price fell $1.15 per share, or 16%, to close at $6.06 per share on January 30, 2017.

Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

Attorney Advertising. Prior results do not guarantee or predict a similar outcome.

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