Fitbit receives subpoena from U.S. Attorney's Office in the Norther CA
Fitbit disclosed in a filing: "On August 12, 2016, the Company was notified by Jawbone that Jawbone had received a confidential subpoena from the U.S. Attorney's Office in the Northern District of California requesting certain Fitbit confidential business information that appeared to be related to Jawbone's allegations of trade secret misappropriation. On February 17, the Company received a subpoena from the same office. Fitbit is cooperating with the U.S. Attorney's Office. The Company intends to vigorously defend and prosecute each of the Jawbone litigation matters and, based on its review, the Company believes it has valid defenses and claims with respect to each of these matters. However, litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could materially and adversely impact its business, financial condition, operating results, and prospects. Regarding the five matters still in the early stages of litigation, the Company is unable to estimate a reasonably possible loss or range of loss, if any, that may result from these matters. In addition, these litigation matters are complex, likely to involve significant management time and attention, and the cost of defending and prosecuting these matters is likely to be expensive, regardless of outcome."