RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP reminds GoPro, Inc. (Nasdaq: GPRO) (“GoPro” or the “Company”) shareholders that a class action lawsuit has been filed on behalf of purchasers of the Company’s securities between August 4, 2017 and January 5, 2018, inclusive (the “Class Period”).
REMINDER: GoPro shareholders who purchased securities during the Class Period may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/gopro-inc-2018#join.
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at email@example.com.
GoPro develops and sells mountable and wearable cameras and accessories. During the Class Period, GoPro’s product offerings included “Karma,” a premium remote controlled drone that retailed for $799.
On November 1, 2017, GoPro held an earnings conference call with investors and financial analysts to discuss the Company’s financial results. During that call, GoPro’s Chief Executive Officer (“CEO”) represented to investors that “the consumer feedback to Karma specifically, actual owners of Karma has been quite good, and so we’re feeling really good about our prospects in the future there.”
The shareholder class action complaint alleges that, throughout the Class Period, GoPro and certain of its senior executive officers made false and misleading statements and/or failed to disclose that: (i) the market prospects for Karma were untenable due to margin challenges in an extremely competitive aerial market and a hostile regulatory environment in Europe and the United States; and (ii) as a result, defendants’ public statements were materially false and misleading at all relevant times.
On January 8, 2018, GoPro disclosed, among other things: (i) that it was reducing its global workforce by approximately 20%; (ii) that, due to “margin challenges in an extremely competitive aerial market,” the Company would be exiting the aerial market after selling its remaining Karma inventory; and (iii) that the Company would incur an estimated $23 – 33 million in restructuring charges.
Following this news, shares of GoPro’s stock fell $0.96 per share, or over 12.7%, to close on January 8, 2018 at $6.56 per share, on heavy trading volume.
GoPro shareholders may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.