Fitbit, Officers Seek Dismissal Of Securities Law Claims In Stock-Drop Suit

Mealey's (August 28, 2019, 1:59 PM EDT) -- SAN FRANCISCO — Shareholders in a securities class action lawsuit against a manufacturer of wearable fitness-tracking devices and certain of its executive officers have failed to plead impermissible fraud-by-hindsight in arguing that the defendants issued a series of misrepresentations regarding the company’s revenue projects and demand for new products in violation of federal securities laws, the defendants argue in an Aug. 23 motion to dismiss (Stephen Lopes v. Fitbit Inc., et al., No. 18-6665, N.D. Calif.)....