NEW YORK, Dec. 26, 2019 /PRNewswire/ -- Notice is hereby given that Faruqi & Faruqi, LLP has filed a class action lawsuit in the United States District Court for the Northern District of California, Case No. 4:19-cv-08046-HSG, on behalf of shareholders of Fitbit, Inc. ("Fitbit" or the "Company") (NYSE:FIT) who have been harmed by Fitbit's and its board of directors' (the "Board") alleged violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") in connection with the proposed merger of the Company with Alphabet Inc. (the "Proposed Transaction").
On November 1, 2019, the Board caused the Company to enter into an agreement and plan of merger under which Fitbit shareholders stand to receive $7.35 in cash for each share of Fitbit stock they own.
The complaint alleges that the Proxy filed with the Securities and Exchange Commission in connection with the Proposed Transaction violates Sections 14(a) and 20(a) of the Exchange Act because it provides materially incomplete and misleading information about the Company and the Proposed Transaction, including information concerning the Company's financial projections and certain valuation analyses conducted by the Company's financial advisor, on which the Board relied to recommend the Proposed Transaction as fair to Fitbit shareholders.
If you wish to obtain information concerning this action, you can do so by clicking here: www.faruqilaw.com/FITBIT.
Plaintiff is represented by Faruqi & Faruqi, LLP, a law firm with extensive experience in prosecuting class actions, and significant expertise in actions involving corporate fraud. Faruqi & Faruqi, LLP, was founded in 1995 and the firm maintains its principal office in New York City, with offices in Delaware, California, Georgia, and Pennsylvania.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from the date of this notice. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Nadeem Faruqi, Esq.
James M. Wilson, Jr., Esq.
FARUQI & FARUQI, LLP
685 3rd Avenue, 26th Floor
New York, NY 10017
Telephone: (877) 247-4292 or (212) 983-9330
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SOURCE Faruqi & Faruqi, LLP