After the close Fri, Fitbit says cos reached a global settlement agreement resolving all outstanding litigation. Says terms of agreement will remain confidential. Jawbone sued the wearable device maker in May 2015, just weeks prior to Fitbit's IPO, alleging FIT engaged in a clandestine effort to steal talent, trade secrets and intellectual property.
Shares of Fitbit, once a Wall Street darling, closed Fri at $6.97 compared to their 2015 IPO price of $20; stock traded above $50 in Aug 2015 Fitbit has come under pressure as wearables from rivals such as Apple Inc, Samsung Electronics, Xiaomi Inc and Garmin Ltd have waded into the market. In fact, Xiaomi's fitness tracker maker Huami Technology plans its own US IPO for H1 201.