Fitbit (FIT) Ticks to Session Highs Ahead of Q3 Report Amid Fresh Antitrust Suit from Jawbone

Fitbit Inc. (NYSE: FIT) shares are largely positive ahead of the company's Q3 report, which is expected out after markets close.

Monday afternoon, Dow Jones reported that Jawbone filed a suit against Fitbit last Friday, accusing the wearable devices maker of violating antitrust laws by poaching employees from Jawbone, stealing trade secrets, and filing "meritless" patent lawsuits.

Fitbit said it believes Jawbone's allegations are unfounded, and yet another misguided attempt for publicity to deflect attention from Jawbone’s own lack of performance.

With the filing, Jawbone claims Fitbit contacted around 30 percent of Jawbone's 400 employees and ended up hiring five.

Shares of Fitbit are up nearly 2 percent with heavy volume.

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