LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased GoPro, Inc. (“GoPro” or the “Company”) (NASDAQ: GPRO) securities between September 19, 2016 and November 4, 2016, inclusive (the “Class Period”). GoPro investors have until January 17, 2017 to file a lead plaintiff motion.
Investors suffering losses on their GoPro investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to shareholders@glancylaw.com.
GoPro develops and sells mountable and wearable cameras, and accessories in the United States and internationally.
On November 8, 2016, after market close, GoPro announced that it was recalling all of its Karma drones. According to the Company, the drones were recalled due to instances where “units lost power during operation”. The Karma drones had only just been released on October 23, 2016 and the Company expressed hope that they would be a popular seller during the Holiday shopping season. Notably, the Company also announced disappointing third-quarter 2016 financial results on November 4, 2016.
On this news, shares of GoPro were down as much as 10% during intra-day trading on November 9, 2016.
According to the Complaint filed in this lawsuit, GoPro made false and misleading statements to investors and/or failed to disclose: that the Company's Karma drones were prone to losing power midflight, causing them to fall out of the sky; that GoPro overstated the utility and likely customer demand for the Karma drone; that there would likely be a costly recall of GoPro's Karma drones when it is publicly known; and that as a result of the above, GoPro's public statements were materially false and misleading at all relevant times.
If you purchased shares of GoPro during the Class Period you may move the Court no later than January 17, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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