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Shareholder Class Action Filed Against GoPro, Inc.

Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired GoPro, Inc. (“GoPro”) (NASDAQ: GPRO) common shares between September 19, 2016 and November 4, 2016, both dates inclusive (the “Class Period”).
 

GoPro investors may receive additional information about the case by clicking the link "Join this Class Action" above. 
           
According to the complaint, GoPro develops and sells mountable and wearable cameras and accessories in the United States and internationally. The company’s cameras are designed primarily for filming while immersed in action, such as outdoor or extreme sports. On October 23, 2016, following months of delays, GoPro released the Karma drone, a compact, foldable drone designed for aerial photography using GoPro’s cameras.

The Class Period commences on September 19, 2016, when GoPro announced the imminent release of the company’s Karma drone at a product launch event, following months of delays.

According to the complaint, on November 3, 2016, shortly before the market closed, GoPro issued a press release and filed a Current Report on Form 8-K with the SEC providing revenue guidance for 2016 in the range of $1.25 billion to $1.3 billion—a significant decrease from the revenue guidance of $1.35 billion to $1.5 billion that the company had provided in reporting its financial and operating results for the previous quarter, and consistent with an anticipated recall of the company’s Karma drone.  Following this news, GoPro’s share price fell $0.90, or 7.01%, to close at $11.94 on November 3, 2016, and fell an additional $0.78, or 6.53%, to close at $11.16 on November 4, 2016.

Then, on November 8, 2016, post-market, GoPro announced the recall of the approximately 2,500 Karma drones purchased by consumers since the product’s release, advising that the company had discovered that Karma units were prone to losing power during operation. Following this news, GoPro’s share price fell $0.45, or 4.14%, to close at $10.41 on November 9, 2016.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) GoPro’s Karma drones were prone to losing power midflight, causing them to fall out of the sky; (ii) the company had thus significantly overstated the utility of and likely customer demand for the Karma drone; (iii) the foregoing issue, when publicly known, would necessitate a costly recall of the company’s Karma drones; and (iv) as a result, GoPro’s public statements were materially false and misleading at all relevant times.

If you are a member of the class described above, you may no later than January 17, 2017 move the Court to serve as lead plaintiff of the class, if you so choose. 

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form and list your purchase and sale transaction(s) for GoPro, Inc. (“GoPro”) (NASDAQ: GPRO) common shares between September 19, 2016 and November 4, 2016, both dates inclusive (the “Class Period”):
 

Information Sheet
* Denotes required field
Acquisitions
Date Aquired
Number of Shares Acquired
Acquisition Price Per Share
Sales
Date Sold
Number of Shares Sold
Selling Price Per Share
Did you purchase shares of GoPro, Inc. prior to the class period?
Are you a current or former employee of GoPro, Inc.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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