Fitbit Inc. (NYSE:FIT) has received a favorable ruling in the latest round of the Jawbone trade secret case.
The fight started back in Jul 2015 when Jawbone alleged Fitbit of infringing six of its patents and poaching employees to get its hands on Jawbone’s trade secrets. Four of the patents were invalidated by the judge while the other two were withdrawn.
The allegation, limited only to the trade secret case, was ruled out on Tuesday as the International Trade Commission declared that Fitbit was not involved in stealing Jawbone’s trade secrets.
Judge Dee Lord relieved Fitbit of U.S. Tariff Act violation stating that "no party has been shown to have misappropriated any trade secret." Had the decision gone the other way, Fitbit could have been banned from importing its products manufactured overseas to the U.S.
However, the fight could go on as Jawbone seeks a review of the decision and is preparing for a broader trade secret case against Fitbit.
The two companies are competitors in the wearable fitness tracker industry with Fitbit leading the race.
At present, Fitbit shares carry a Zacks Rank #3 (Hold). Some better-ranked stocks in the wider technology sector include Camtek Ltd. (NASDAQ:CAMT) , Nova Measuring Instruments Ltd. (NASDAQ:NVMI) and Blucora, Inc. (NASDAQ:BCOR) , each carrying a Zacks Rank #2 (Buy).
CAMTEK LIMITED (CAMT): Free Stock Analysis Report
NOVA MEASURING (NVMI): Free Stock Analysis Report
BLUCORA INC (BCOR): Free Stock Analysis Report
FITBIT INC (FIT): Free Stock Analysis Report
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