BALA CYNWYD, PA / ACCESSWIRE / November 1, 2019 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Fitbit, Inc. ("Fitbit" or "the Company") (FIT) for possible breaches of fiduciary duty and other violations of federal and state law in connection with proposed acquisition of the Company by Google LLC ("Google"). Under the terms of the agreement, Fitbit shareholders will receive only $7.35 for each share of Fitbit common stock owned.
The investigation concerns whether the Fitbit Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Google is underpaying for the Company. The transaction may undervalue the Company and would result in a substantial loss for many Fitbit shareholders. For example, the consideration is 63 percent below the 2015 IPO price of $20, well-below the all-time high near $50 per share and provides virtually no premium over the share price as recently as February 2019.
If you own shares of Fitbit stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, by visiting http://www.brodskysmith.com/cases/fitbit-inc-nyse-fit/, or calling toll free 877-534-2590.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Brodsky & Smith, LLC
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