Andrews & Springer LLC filed a stockholder derivative complaint on behalf of nominal defendant, Fitbit, Inc. (“Fitbit” or the "Company") against Fitbit’s board of directors (the “Board”) in the Delaware Court of Chancery.
The complaint alleges that Fitbit’s Board breached their fiduciary duties by allowing CEO James Park and other Fitbit insiders to waive certain "lock-up" agreements which allowed Fitbit insiders to unload massive amounts of thier Fitbit stock just a couple of months before it was revealed that Fitbit's "Pure Pulse" technology did not accurately monitor customer heart rates.
Please click here for a copy of the Complaint that was filed on March 27, 2018.