WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating the Board of Directors of GoPro, Inc. (NASDAQ: GPRO) (“GoPro” or the “Company”), along with senior management, for possible corporate misconduct and violations of securities laws.
GoPro Founders, Nicholas and Jill Woodman, on October 2, 2014, announced plans to transfer roughly 5.8 million shares (valued at roughly $497.5 million) of their GoPro holdings to their newly established foundation, the Nicholas + Jill Woodman Foundation. In order to make the alleged “gift,” Nicholas and Jill Woodman negotiated a deal with JP Morgan (the lead book-runner of GoPro’s June 2014 IPO), and released the charitable organization from the “lock-up agreement.” When GoPro was taken public, JP Morgan, required GoPro insiders to sign a lock-up agreement that prohibited insiders from selling GoPro stock for a certain period of time. The lock-up agreement was executed to protect GoPro’s share price during the first few months of trading since the Company’s June 2014 IPO.
After the news broke on the alleged “gift,” shares of GoPro fell 6.9% on heavy volume, closing at $85.46 per share. As a result of the foregoing news, Andrews & Springer has opened an investigation that seeks to determine whether Nicholas and Jill Woodman, GoPro’s board of directors and senior management, have violated securities laws and/or breached their fiduciary obligations to shareholders.
If you currently own shares of GoPro and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/GPRO or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.