GoPro develops, manufactures, and sells wearable and gear mountable cameras and related accessories, including the HERO5 and HERO6 cameras and the Karma drone, as well as mobile applications and software.
The lawsuits allege that, during the Class Period, defendants made false and misleading statements and/or omitted material adverse information regarding GoPro’s business and prospects. Specifically, it is alleged that the Company failed to disclose that demand for GoPro products had dramatically declined, that demand for Karma drones was so weak the Company could no longer afford to manufacture them profitably, that GoPro would be forced to slash 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.
It is also alleged that certain of the Company’s senior executives sold their personally-owned GoPro shares at artificially inflated prices, including GoPro’s CEO and CFO, who collectively sold more than $6.5 million of GoPro stock in November 2017.
Following a January 8, 2018 press release announcing that the Company was reducing its workforce by 20% and exiting the drone market, the value of GoPro shares fell $0.96 per share, or over 12.7%, to close at $6.56 per share.
What You Can Do
If you purchased GoPro securities between August 4, 2017 and January 5, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at [email protected]. Investors have until March 12, 2018, to move for lead plaintiff.
About Scott+Scott, Attorneys at Law, LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.