NEW YORK, Jan. 17, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP
(www.kaplanfox.com) is investigating claims on behalf of investors
of GoPro, Inc. ("GoPro" or the "Company") (NASDAQ: GPRO).
Investors who purchased GoPro securities between August 4, 2017 and January
5, 2018, inclusive (the "Class Period") may be
affected.
Class action litigation has been filed in the United States District Court for the
Northern District of California
against GoPro, as well as the Company's CEO and CFO, on behalf of
investors that purchased or otherwise acquired the publicly traded
securities of GoPro during the Class Period alleging violations of
the Securities Exchange Act of 1934.
GoPro develops and sells mountable and wearable cameras and
accessories. During the Class Period, GoPro's product
offerings included HERO5/HERO6, a line of cloud-connected cameras,
and Karma, a premium remote-controlled drone.
On Monday, January 8, 2018, before
the market opened, GoPro issued a press release filed on Form 8-K
with the SEC entitled "GoPro Announces Preliminary Fourth Quarter
2017 Results," disclosing that GoPro's fourth quarter 2017 sales
were $340 million, significantly
below GoPro's November 1, 2017
outlook for fourth quarter revenue of "470 million +/- $10 million." GoPro blamed the results, in
part, on "a negative impact of approximately $80 million for price protection on HERO6 Black,
HERO5 Black and HERO5 Session cameras, as well as the Karma
drone." Additionally, GoPro said it was reducing its global
workforce by approximately 20%, exiting the aerial market after
selling its remaining Karma inventory, and that it would incur
$23-33 million in restructuring
charges.
Following the January 8, 2018
news, shares of GoPro's stock fell $0.96 per share, or approximately 12.7%, to close
at $6.56 per share on January 8, 2018, on heavy trading volume.
The action alleges that throughout the Class Period, Defendants
made materially false and/or misleading statements and/or failed to
disclose that (1) demand for the GoPro brand had dramatically
declined and retailers were not stocking up for 2017 holiday sales
to the extent GoPro had budgeted for, (2) demand for GoPro's Karma
drones was sufficiently weak that the Company could no longer
afford to manufacture and sell them profitably, (3) the Company
would be forced to dramatically slash prices on its newly launched
HERO6 Black and its dated HERO5 Session Cameras, as well as its
Karma drone during the quarter, and would need to further
slash HERO6 prices in January 2018,
and (4) as a result of the foregoing , GoPro was not on track to
achieve the financial results it had led the market to believe it
was on track to achieve during the Class Period.
If you are a member of the proposed Class, you may move the
court no later than March 12, 2018 to
serve as a lead plaintiff for the purported class. You
need not seek to become a lead plaintiff in order to share in any
possible recovery. If you would like to discuss the complaint
or our investigation, please contact us by emailing
pmayer@kaplanfox.com or by calling 800-290-1952. This press
release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP,
with offices in New York,
San Francisco, Los Angeles, Chicago and New
Jersey, has many years of experience in prosecuting investor
class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit
our website at www.kaplanfox.com. If you have any questions
about this Notice, the action, your rights, or your interests,
please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California
94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
View original
content:http://www.prnewswire.com/news-releases/investor-alert-kaplan-fox-announces-investigation-of-gopro-inc-300584194.html
SOURCE Kaplan Fox &
Kilsheimer LLP