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GoPro, Inc. (GPRO)

NASDAQ:GPRO

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In GoPro, Inc. To Contact The Firm Before Lead Plaintiff Deadline

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in GoPro, Inc. (“GoPro” or the “Company”) (NASDAQ:GPRO) of the January 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased GoPro common stock between September 19, 2016 and November 4, 2016 (the “Class Period”).  The case, Bielousov v. GoPro, Inc. et al, No. 3:16-cv-06654 was filed on November 16, 2016.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) GoPro’s Karma drones were susceptible to losing power midflight, causing them to fall out of the sky; (ii) the Company overstated the utility of and likely customer demand for the Karma drone; (iii) when the aforementioned issue was publicly known, it would require a costly recall of the Karma drones; and (iv) as a result, GoPro’s public statements were materially false and misleading.

Specifically, before market-close on November 3, 2016, GoPro announced its financial results for the quarter ended September 30, 2016. The Company significantly decreased its revenue guidance for 2016 to $1.25 billion to $1.3 billion from $1.35 billion to $1.5 billion.

On this news, GoPro’s share price fell from $12.84 per share on November 2, 2016 to a closing price of $11.94 on November 3, 2016—a $0.90 or a 7.01% drop. The Company’s share price continued to decline into the next trading day to a closing price of $11.16 on November 4, 2016—a $0.78 or a 6.53% drop from November 3, 2016.

Additionally, after-market close on November 8, 2016, GoPro announced the recall of the approximately 2,500 Karma drones purchased by consumers. The Company advised it discovered that Karma units were prone to losing power during operation.

On this news, GoPro’s share price fell from $10.86 per share on November 8, 2016 to a closing price of $10.41 on November 9, 2016—a $0.45 or a 4.14% drop.

Take Action

If you invested in GoPro common stock or options between September 19, 2016 and November 4, 2016 and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding GoPro’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Request Information

Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.

  • Case:
    GoPro, Inc. (GPRO)
  •    

* The submission of this form does not create an attorney-client relationship.

Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 11/17/2016

Class Period:

  • 09/19/2016 - 11/04/2016

Send Information

If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.