According to the law firm press release, Fitbit Inc. manufactures and provides wearable fitness-tracking devices worldwide. The Company’s main products are wrist bands and clippable devices that purport to monitor a user’s fitness activity by tracking his/her health and fitness activities. Among the Company’s products are Fitbit Charge HR (“Charge HR”), a wireless heart rate and activity wristband, and Fitbit Surge (“Surge”), a fitness watch that consists of a GPS watch, heart rate tracker, activity tracker, and smartwatch. Fitbit Inc. sells its products primarily through retailers and distributors.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operationsl and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Fitbit’s heart rate monitoring technology was inaccurate and did not consistently deliver accurate heart rate readings during exercise; (ii) the inaccuracy of Fitbit’s heart rate monitoring technology posed serious health risks to users of Fitbit’s products; and (iii) as a result of the foregoing, Fitbit’s public statements were materially false and misleading at all relevant times.

On May 10, 2016, the Court issued an Order appointing Lead Plaintiffs and Lead Counsel. Lead Plaintiff filed an amended complaint on July 1.

On October 26, 2016, the Court issued an Order denying Defendants' Motions to Dismiss.

On January 8, 2018, the parties entered into a Stipulation of Settlement. On January 19, the Court issued an Order preliminarily approving the Settlement. On April 23, the Court granted final approval of the Settlement and entered Final Judgment. On May 15, the Court issued an amended Order and Final Judgment. On January 15, 2019, the Court issued an Order staying the case pending a ruling by the Delaware Supreme Court. On February 22, the Court issued an Order administratively closing the case and retaining jurisdiction. The Court issued an Order authorizing distribution of the Settlement funds on May 16. On September 4, 2020, the Court issued an Order authorizing supplemental distribution of the Settlement funds.