Shareholders reached a $33 million settlement against Fitbit and the company’s underwriters over alleged false claims made as part of Fitbit’s IPO in June 2015.
The lawsuit, filed in January 2016 in the U.S. District Court in San Francisco, charged Fitbit hid problems with its fitness tracking technology relating to the accuracy of the heart rate monitoring and subsequently artificially inflated its stock price, according to Law360.
