LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against GoPro, Inc. (“GoPro” or the “Company”) (Nasdaq: GPRO) concerning possible violations of federal securities laws between September 19, 2016 and November 4, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the January 17, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, 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.
On November 8, 2016, the Company announced a recall of all of its Karma drones, due to instances where “units lost power during operation.” GoPro also announced disappointing third-quarter 2016 financial results on November 4, 2016.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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