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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Fitbit, Inc. (“Fitbit” or the “Company”) (NYSE: FIT) to Google LLC (“Google”). Under the terms of the deal, Fitbit shareholders will receive $7.35 in cash per share of FIT they own.
The Fitbit merger investigation concerns whether the Board of Fitbit breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether Google is underpaying for Fitbit shares, thus unlawfully harming Fitbit shareholders.
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