NEW YORK, Jan. 15, 2016 /PRNewswire/ -- Harwood
Feffer LLP (www.hfesq.com) is investigating potential claims
against the board of directors of GoPro, Inc. ("GoPro" or the
"Company") (NASDAQ: GPRO), concerning whether the board has
breached its fiduciary duties to shareholders.
On October 28, 2015, the Company
disclosed disappointing third quarter 2015 results. In
particular, GoPro reported revenue approximately 10% below
guidance. The Company's CEO attributed the earnings miss to
poor sales of the HERO4 Session camera, "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 . . . ."
On January 13, 2016, GoPro
announced preliminary results for the fourth quarter of 2015 and
disclosed revenue of $435 million,
approximately 25% below guidance. The Company further stated
that it plans to cut its workforce by 7% and will incur up to
$10 million in restructuring
costs.
On this news, GoPro stock fell over 25%.
Our investigation concerns whether the Company board of
directors has breached its fiduciary duties to shareholders,
grossly mismanaged the Company, and/or committed abuses of control
in connection with the foregoing.
If you own GoPro shares and wish to discuss this matter with us,
or have any questions concerning your rights and interests with
regard to this matter, please contact:
Robert I. Harwood, Esq.
Benjamin I. Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the
firm.
Attorney Advertising. The law firm responsible for this
advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results
do not guarantee or predict a similar outcome with respect to any
future matter.
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SOURCE Harwood Feffer LLP