Updated from 10:31 a.m. EDT
NEW YORK (TheStreet) -- Shares of Fitbit (FIT) - Get Fitbit, Inc. Class A Report were up in early-afternoon trading on Wednesday after the International Trade Commission ruled that the maker of fitness trackers didn't steal trade secrets from rival Jawbone.
Jawbone had accused Fitbit of patent infringement and of poaching employees with confidential knowledge about Jawbone's business, Reuters reports. Jawbone was hoping for an import ban against Fitbit's devices.
"From the outset of this litigation, we have maintained that Jawbone's allegations were utterly without merit and nothing more than a desperate attempt by Jawbone to disrupt Fitbit's momentum to compensate for their own lack of success in the market," Fitbit CEO James Park said in a statement.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Fitbit's weaknesses include its generally disappointing historical performance in the stock itself and unimpressive growth in net income.
You can view the full analysis from the report here: FIT
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.