Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of GoPro, Inc. Investors & Encourages Inv...
06 January 2017 - 5:43AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased GoPro, Inc. (“GoPro” or the “Company”) (NASDAQ: GPRO)
securities between September 19, 2016 and November 4, 2016,
inclusive (the “Class Period”). GoPro investors have
until January 17, 2017 to file a lead plaintiff
motion.
Investors suffering losses on their GoPro investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
GoPro develops and sells mountable and wearable cameras, and
accessories in the United States and internationally.
On November 8, 2016, after market close, GoPro announced that it
was recalling all of its Karma drones. According to the Company,
the drones were recalled due to instances where “units lost power
during operation”. The Karma drones had only just been released on
October 23, 2016 and the Company expressed hope that they would be
a popular seller during the Holiday shopping season. Notably, the
Company also announced disappointing third-quarter 2016 financial
results on November 4, 2016.
On this news, shares of GoPro were down as much as 10% during
intra-day trading on November 9, 2016.
According to the Complaint filed in this lawsuit, 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.
If you purchased shares of GoPro during the Class Period you may
move the Court no later than January 17, 2017 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170105006236/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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