The law firm of Kirby
McInerney LLP announced today that a class action lawsuit has been
filed in the United States District Court for the California Northern
District Court against GoPro, Inc. (“GoPro” or the “Company”) (NASDAQ:
GPRO) on behalf of investors that acquired GoPro securities during the
period from November 2, 2017 through January 5, 2018 (the “Class
Period”), seeking recovery of damages for alleged violations of the
federal securities laws. Pursuant to applicable law, investors have
until March 12, 2018 to apply to the Court to be appointed as lead
plaintiff in the lawsuit.
GoPro develops and sells mountable and wearable cameras, and accessories
in the United States and internationally. GoPro’s product offerings
include, Karma, a premium remote controlled drone that retails for $799.
The lawsuit alleges that Defendants failed to disclose that the market
prospects for Karma were untenable due to margin challenges in an
extremely competitive aerial market and a hostile regulatory environment
in Europe and the United States. On January 8, 2018, during pre-market
hours, GoPro issued a press release titled, “GoPro Announces Preliminary
Fourth Quarter 2017 Results,” announcing that its reducing its global
workforce by 20% and is exiting the aerial market “after selling its
remaining Karma inventory.” On this news, shares of GoPro fell from
$7.52 per share to close at $6.56 per share on January 8, 2018 (a
decline of $0.96).
If you purchased or otherwise acquired GoPro securities, have
information or would like to learn more about these claims, please
W. Elrod, Esq. of Kirby
McInerney LLP at 212-371-6600, Toll-Free at 888-529-4787, by email
at [email protected], or by filling
out this contact form, to discuss your rights or interests with
respect to these matters without any cost to you.
McInerney LLP is a New York-based plaintiffs’ law firm concentrating
in securities, antitrust, whistleblower and consumer litigation. The
firm’s efforts on behalf of shareholders in securities litigation have
resulted in recoveries totaling billions of dollars, and the firm’s
achievements and quality of service have been chronicled in numerous
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jurisdictions under the applicable law and ethical rules.
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