Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in GoPro (NASDAQ:GPRO) in connection to alleged violations of securities laws by GPRO. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in GoPro from November 2, 2017 until January 5, 2018.
The class action complaint specifically alleges that during the period in question, GPRO might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company represented to investors and analysts in a November 1, 2017 earnings call that its product Karma, a remote controlled drone sold for $799, had received positive feedback and had positive prospects; but that during the relevant period, Karma’s prospects were adversely affected by margin challenges in a competitive market and unfriendly regulatory atmosphere; and that consequently the company’s statements to the public during the relevant period were false and misleading. The company announced on January 8, 2018 that it was cutting its global workforce by roughly 20%; that “margin challenges in an extremely competitive aerial market” meant the company would be leaving that market after selling what remained of its inventory of Karma products; and that the company would face approximately $23-$33 million in charges for restructuring. When this news came to light, GPRO fell more than $12.7%, or $0.96/share, closing at $6.56/share on that day.
According to the company’s website, GoPro is a technology company “transforming the way people visually capture and share their lives.” It manufactures, cameras, drones, apps, accessories and other products, and “enables the world to capture and share its passion in the form of immersive and engaging content.” The company is headquartered in San Mateo, California and trades on the Nasdaq exchange under the symbol GPRO.
A class action lawsuit has already been filed in connection with GoPro. If you wish to serve as lead plaintiff in the GPRO lawsuit, you must move the Court no later than March 12, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.