NEW YORK, Nov. 13, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Fitbit, Inc. ("Fitbit" or the "Company") (NYSE: FIT). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Fitbit and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 2, 2016, Fitbit issued a press release announcing its financial results for the third quarter of 2016. 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 range of "$2.5 to $2.6 billion." On this news, Fitbit's stock price fell $4.30 per share, or 33.6%, to close at $8.51 per share on November 3, 2016. Then, on January 30, 2017, Fitbit issued a press release announcing its preliminary financial results for the fourth quarter of 2016. In the press release, Fitbit disclosed that it expected its 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, Fitbit's stock price fell $1.15 per share, or 16%, to close at $6.06 per share on January 30, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
