GOPRO (GPRO) SHAREHOLDER ALERT - Andrews & Springer LLC Is Investigating GoPro, Inc. & Certain Insiders for Potential Securit...
October 06 2014 - 6:47PM
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 cspringer@andrewsspringer.com, 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.
Andrews & Springer LLCCraig J. Springer, Esq.,
1-800-423-6013cspringer@andrewsspringer.com
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