Fitbit, Inc.

Practice Area: 
Stock Symbol: 
FIT
Case Status: 
Investigations

Ademi & O’Reilly, LLP is investigating Fitbit (NYSE: FIT) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Fitbit to Google.

Ademi & O’Reilly, LLP alleges Fitbit’s financial outlook is improving and yet shareholders will receive only $7.35 per share in cash, valuing Fitbit at approximately $2.1 billionon. The merger agreement unreasonably limits competing bids for Fitbit by prohibiting solicitation of further bids, and imposing a termination penalty if Fitbit accepts a superior bid. Fitbit insiders will receive millions of dollars as part of change of control arrangements. We are investigating the conduct of Fitbit’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Fitbit.