Stephen Lopes, a shareholder of Fitbit, has filed suit in North California District Court against the company, alleging that it made materially false and misleading statements and failed to disclose material adverse facts to investors from Aug. 2, 2016, to Jan. 30, 2017. Lopes alleges in particular that Fitbit overstated its guidance in full knowledge that stiff competition from Apple and other rivals was cutting into its sales and growth. The suit seeks class certification for those who bought Fitbit shares during the six-month period. Fitbit settled a different class action lawsuit this April for $33 million.

Topics