NEW YORK, Jan. 15, 2016 /PRNewswire/ -- Attorney
Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies
investors of class action against GoPro, Inc. ("GoPro" or the
"Company") (Nasdaq: GPRO) and certain of its officers. The
class action was filed in the United States District Court for the
Northern District of California on
behalf of a class consisting of all persons or entities who
purchased shares between July 21,
2015 and January 13, 2016,
inclusive (the "Class Period"). Such investors are advised to
contact Peretz Bronstein or his
investor relations analyst, Yael
Hurwitz at info@bgandg.com or 212-697-6484.
On October 28, 2015, GoPro
released disappointing third quarter 2015 results, including
revenue of $400 million, much lower
than the Company's guidance of $430-$445
million. That day, Nick
Woodman, CEO of GoPro attributed the Company's poor
performance, to weak sales of the HERO4 Session camera,
specifically stating, "our guidance going into the quarter was
actually for a significant additional amount of Session to ship. .
. . Session didn't sell through as well as we anticipated . . .
."
Following this news, GoPro shares fell $4.59, or more than 15%, to close at $25.62 per share on October 29, 2015.
On January 13, 2016, GoPro
reported a preliminary fourth quarter 2015 revenue of $435 million, again far below the GoPro's
expected $500-$550 million.
Additionally, GoPro publicized a plan to cut its staff by
approximately 7% and is likely to suffer roughly $5 to $10 million in restructuring costs. GoPro
attributed its dismal fourth quarter results to "lower than
anticipated sales of its capture devices" and "a $21 million reduction for price protection
related charges resulting from the HERO4 Session repricing in
December."
Following this news, GoPro shares dropped as much as
$4.08 per share, or 27.9%, to lows of
$10.52 per share during after hours
trading on January 13, 2016.
This lawsuit alleges that GoPro and certain of its officers with
violations of the federal securities laws. Specifically, the
complaint alleges that throughout the Class Period, defendants
failed to disclose: (1) that the Company was experiencing weak
sales of its HERO line of cameras throughout the Class Period; (2)
that the Company was experiencing weak HERO4 Session sales at the
time the third Quarter guidance was announced; (3) that the
Company's third quarter 2015 guidance was based on the assumption
that GoPro would be able to sell a significant additional amount of
HERO4 Session cameras; (4) that the Company's third and fourth
quarter 2015 guidance was inflated and unrealistic; and (5) that,
as a result of the foregoing, Defendants' statements about GoPro's
business, operations, and prospects, were false and misleading
and/or lacked a reasonable basis.
No Class has yet been certified in the above action. If you wish
to join this litigation you can visit the firm's website at:
http://www.bgandg.com/#!gpro/y2yqv. You may also contact
Peretz Bronstein, Esq. or his
Investor Relations Analyst, Yael
Hurwitz of Bronstein, Gewirtz & Grossman, LLC at
212-697-6484 or via email info@bgandg.com. Those who inquire by
e-mail are encouraged to include their mailing address and
telephone number. If you suffered a loss in GoPro, Inc. you
have until March 14, 2016 to request
that the Court appoint you as lead plaintiff. Your ability to
share in any recovery doesn't require that you serve as a lead
plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation
boutique. Our primary expertise is the aggressive pursuit of
litigation claims on behalf of our clients. In addition to
representing institutions and other investor plaintiffs in class
action security litigation, the firm's expertise includes general
corporate and commercial litigation, as well as securities
arbitration. Attorney advertising. Prior results do not
guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
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