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3 months ago
U.S. charges Virginia man with fraudulent Fitbit stock scheme
May 19, 2017 / 5:23 PM / 3 months ago

U.S. charges Virginia man with fraudulent Fitbit stock scheme

NEW YORK, May 19 (Reuters) - Federal prosecutors on Friday announced criminal fraud charges against a Virginia man they said filed a sham tender offer to buy all outstanding stock in Fitbit Inc, in a more than $100 million market manipulation scheme.

The U.S. Department of Justice said Robert Walter Murray was charged with securities fraud and wire fraud over the sham offer, which sent Fitbit's share price higher last November.

Murray also faces related civil charges by the U.S. Securities and Exchange Commission. (Reporting by Jonathan Stempel in New York)

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