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Fitbit shares slump off stock offering update

Fitbit ended down more than 12% to $27.86 Friday after the wearable maker scaled back on a proposed secondary public stock offering. On Monday, Fitbit revealed it would sell 7 million shares of its Class A common stock. According to a filing issued Friday with the Securities and Exchange Commission, the offering has been reduced to 3 million.

The price for the offering was set to $29 a share, below Fitbit’s Thursday closing price of $31.68. Along with the 3 million shares sold by Fitbit, a group of “certain selling stockholders” will offer an additional 14 million common shares.