Fitbit Securities Litigation

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF CALIFORNIA SAN FRANCISCO DIVISION

Case No. 3:16-cv-00151-SI

If you purchased Fitbit, Inc. securities between June 18, 2015 and May 19, 2016, you could get a payment from a class action settlement. To submit a claim via email, click here to download a claim form and click here to email your claim.

Important Dates

April 3, 2018 - Deadline to Object (must be received by this date)

April 10, 2018 - Deadline to Request Exclusion (must be postmarked by this date)

April 15, 2018 - Initial Deadline to submit Proof of Claim and Release Form (must be postmarked by this date)

April 20, 2018 at 10:00 a.m. - Settlement Hearing

August 1, 2018 - Extended Deadline to submit Proof of Claim and Release Form (must be postmarked by this date)

The proposed Settlement, if approved by the Court, will create a $33 million Settlement Fund (approximately $0.24 per share) to pay claims from investors who bought Fitbit, Inc. (“Fitbit” or the “Company”) securities between June 18, 2015 and May 19, 2016, both dates inclusive.

The Settlement resolves a lawsuit concerning whether Fitbit, certain of its officers and directors, and certain investment banks that served as underwriters in Fitbit’s initial public offering made false and misleading statements concerning the accuracy of Fitbit’s heart-rate tracking technology. Defendants Fitbit; James Park, William R. Zerella, Eric N. Friedman, Jonathan D. Callaghan, Steven Murray, and Christopher Paisley (the “Individual Defendants,” and together with Fitbit, the “Fitbit Defendants”); and Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Underwriter Defendants” and together with the Fitbit Defendants, “Defendants”) deny all allegations of misconduct. The two sides disagree on whether the investors could have won at trial, and if so, how much money they could have won.

Court-appointed lawyers for investors will ask the Court for up to $9.24 million in attorneys’ fees (28% of the Settlement Fund) and up to $250,000 in reimbursement for expenses for their work litigating the case and negotiating the Settlement. They will also ask for an award to the five Class Representatives, not to exceed $5,000 each, for their reasonable costs and expenses. If approved by the Court, these amounts (totaling approximately $0.07 per share) will be paid from the Settlement Fund.

The estimated average recovery, after deducting attorneys’ fees and expenses, administrative costs, and Class Representative awards of reasonable costs and expenses (if approved by the Court), is $0.17 per share.

The Court has not yet approved the Settlement. Payments will be made only if the Court approves the Settlement and after any appeals are resolved. Please be patient.

Your legal rights will be affected whether you act or don’t act. If you do not act, you may permanently forfeit your right to recover on this claim. Read the Notice carefully.

Summary Of Your Options And Legal Rights In This Settlement

SUBMIT A CLAIM FORM

Fill out the Proof of Claim and Release form and submit it no later than April 15, 2018. This is the only way to get a payment.

To download the Proof of Claim and Release form, click here.

EXCLUDE YOURSELF FROM THE CLASS

Submit a request for exclusion no later than April 10, 2018. This is the only way you can ever be part of any other lawsuit against Defendants about the legal claims in this case. If you exclude yourself, you will receive no payment and cannot object or speak at the hearing.

For more information on excluding yourself, click here.

OBJECT

Write to the Court no later than April 3, 2018 about why you do not like the Settlement. You can still submit a claim form. If the Court approves the Settlement, you will be bound by it.

For more information on objecting, click here.

GO TO THE HEARING

Ask to speak in Court about the fairness of the Settlement at the hearing on April 20, 2018. You can still submit a claim form. If the Court approves the Settlement, you will be bound by it.

DO NOTHING

Get no payment AND give up your rights to bring your own individual action.



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