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

SAN DIEGO, Jan 11, 2018 (BUSINESS WIRE) —

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 djr@rgrdlaw.com. 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.

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SOURCE: Robbins Geller Rudman & Dowd LLP”>
<Property FormalName=”PrimaryTwitterHandle” Value=”@rgrdlaw

Robbins Geller 
Darren Robbins, 800/449-4900 or 619/231-1058 
djr@rgrdlaw.com

Copyright Business Wire 2018





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