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Fitbit Feels the Heat from Competitors and Shareholders

According to a letter published by shareholders rights law firm Robbins Arroyo LLP, a complaint has been filed against Fitbit (FIT) for misleading investors. Fitbit claimed that it had the best-selling fitness tracker on Amazon (AMZN). The letter said, “Fitbit was struggling to differentiate itself from Apple Inc., leading to slowing demand for Fitbit’s products.