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Fly News Breaks for June 15, 2018
FIT
Jun 15, 2018 | 08:53 EDT
Fitbit shares are set to open lower this morning on news that six current and former Fitbit employees were indicted last night for allegedly stealing trade secrets from Jawbone. While this sounds very bad, Craig-Hallum analyst Alex Fuhrman notes that Jawbone sued Fitbit in 2015 and the lawsuit was settled last year, with a court having previously ruled that no improperly acquired trade secrets were used in any Fitbit product. Fuhrman, who has a Buy rating on Fitbit shares, thinks this is a "strong" buying opportunity.
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