NEW YORK--(BUSINESS WIRE)--Pomerantz LLP and Glancy Prongay & Murray LLP announce that the United States District Court for the Northern District of California has approved the following announcement of a proposed class action settlement that would benefit purchasers of Fitbit, Inc. securities (Fitbit Class A Common Stock NYSE:FIT).
SUMMARY NOTICE OF PROPOSED CLASS-ACTION SETTLEMENT
To: All Persons Who Purchased Fitbit, Inc. securities between June 18, 2015 and May 19, 2016, inclusive.
A hearing will be held on April 20, 2018 at 10:00 a.m. before the Honorable Susan Illston at the United States District Court for the Northern District of California, 450 Golden Gate Avenue, Courtroom 1, San Francisco, CA 94102, to determine: (1) whether the proposed Settlement for $33 million in cash should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the settlement proceeds is fair and reasonable; (3) whether the application for an award of attorneys’ fees of up to $9,240,000 and reimbursement of expenses of not more than $250,000 and an payment of no more than $5,000 to each of the five Class Representatives for their reasonable costs and expenses should be approved; and (4) whether the Action should be dismissed with prejudice against the Defendants, as set forth in the Stipulation and Agreement of Settlement (the “Stipulation”) filed with the Court.
If you have not received the detailed Notice of Proposed Class-Action Settlement (the “Notice”) and Proof of Claim and Release Form, you may obtain them free of charge at www.FitBitSecuritiesLitigation.com or by contacting the Settlement Administrator at Fitbit Securities Litigation, c/o Settlement Administrator, 1801 Market Street, Suite 660, Philadelphia, PA 19103.
If you purchased Fitbit Inc. (“Fitbit”) securities between June 18, 2015 and May 19, 2016, inclusive, your rights may be affected by this Settlement. As further described in the Notice, you will be bound by any Judgment entered in the Action, whether or not you make a claim, unless you request exclusion from the Settlement Class, in the manner set forth in the Notice, no later than April 10, 2018.
If you are a member of the Settlement Class and wish to share in the Settlement proceeds, you must submit a Proof of Claim postmarked no later than April 15, 2018 establishing that you are entitled to recovery. Any objections to the Settlement, Plan of Allocation, or application for attorneys’ fees and expenses must be made in writing and must be provided to the Court and parties, in the manner set forth in the Notice, no later than April 3, 2018.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. Inquiries, other than requests for the Notice, may be made to Class Counsel at the addresses below.
Brian P. Murray
Garth A. Spencer
GLANCY PRONGAY & MURRAY LLP
230 Park Avenue, Suite 530
New York, NY 10169
Telephone: (212) 682-5340
Jeremy A. Lieberman
Murielle Steven Walsh
600 Third Avenue, Floor 20
New York, NY 10016
Telephone: (212) 661-1100
Dated: January 19, 2018
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF CALIFORNIA