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Delaware Court of Chancery Grants Final Approval of Fitbit Inc. Shareholder Derivative Settlement
On November 29, 2020, Vice Chancellor Joseph R. Slights III of the Delaware Court of Chancery granted final approval to the shareholder derivative settlement in In re Fitbit, Inc. Stockholder Derivative Litigation, Consolidated C.A. No. 2017-0402 (Del. Ch.), which alleged claims against certain Fitbit officers and directors on behalf of Fitbit. In approving the settlement that recovered $5 million for Fitbit, Vice Chancellor Slights noted that, “I’m familiar with the attorneys on both sides of the V here. Suffice it to say, they are very well regarded; not only by me, but by this court” and further stated, “I want to thank counsel for your excellent work in this case throughout the litigation.”