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Robbins Geller Rudman & Dowd LLP : Files Class Action Suit against GoPro, Inc.

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01/12/2018 | 04:01am CEST

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/goproinc/) today announced that a class action has been commenced on behalf of purchasers of GoPro, Inc. (“GoPro”) (NASDAQ:GPRO) common stock during the period between August 4, 2017 and January 5, 2018 (the “Class Period”). This action was filed in the Northern District of California and is captioned Dye v. GoPro, Inc., et al., No. 18-cv-00248.

If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from January 9, 2018. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected]. If you are a member of this class, you can view a copy of the complaint as filed at http://www.rgrdlaw.com/cases/goproinc/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint charges GoPro and certain of its executive officers with violations of the Securities Exchange Act of 1934. GoPro develops and sells mountable and wearable cameras and accessories, including the HERO5 and HERO6 cameras and the Karma drone.

The complaint alleges that during the Class Period, defendants made false and misleading statements and/or omitted material adverse information regarding GoPro’s business and prospects. Specifically, the complaint alleges defendants failed disclose that demand for the GoPro brand had dramatically declined and retailers were not stocking up for the 2017 holiday sales season to the extent GoPro had budgeted for, that demand for GoPro’s Karma drones was so weak the Company could no longer afford to manufacture the drones profitably, that GoPro would be forced to slash the prices on some of its best-selling products, and that, as a consequence, GoPro was not on track to achieve the financial results it had led the market to expect during the Class Period. As a result of defendants’ false and misleading statements and/or omissions, the price of GoPro stock was artificially inflated during the Class Period, reaching a high of more than $11.80 per share, and allowing certain of the Company’s senior executives to sell their personally owned GoPro shares at artificially inflated prices, including GoPro’s CEO and CFO, who collectively sold more than $6.5 million worth of GoPro stock in November 2017.

Then, on January 8, 2018, before the market opened, GoPro announced its fourth quarter 2017 financial results, disclosing that GoPro had achieved sales of just $340 million instead of the $470 million in sales defendants had led analysts and the market to expect. GoPro blamed the results on the slashing of prices for its HERO6 Black, HERO5 Black and HERO5 Session cameras, as well as its Karma drone, which the Company had been forced to engage in to move inventory and which had a negative $80 million impact on revenues. GoPro also disclosed it was cutting more than one-fifth of its workforce and exiting the drone market altogether, requiring it to dump the rest of its Karma drone inventory. On this news, the price of GoPro stock declined as much as 32% in intraday trading before closing at $6.56 per share on unusually high trading volume.

Plaintiff seeks to recover damages on behalf of all purchasers of GoPro common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud.

Robbins Geller is widely recognized as a leading law firm advising and representing U.S. and international investors in securities litigation and portfolio monitoring. With 200 lawyers in 10 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For the third consecutive year, the Firm ranked first in both the total amount recovered for investors and the number of shareholder class action recoveries in ISS's SCAS Top 50 Report. Robbins Geller attorneys have shaped the law in the areas of securities litigation and shareholder rights and have recovered tens of billions of dollars on behalf of the Firm’s clients. Robbins Geller not only secures recoveries for defrauded investors, it also implements significant corporate governance reforms, helping to improve the financial markets for investors worldwide. Please visit http://www.rgrdlaw.com for more information.


© Business Wire 2018
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