Lawsuit for Investors in Shares of GoPro Inc (NASDAQ:GPRO) Announced by Shareholders Foundation
January 19 2016 - 11:05AM
The Shareholders Foundation, Inc. announces that a lawsuit was
filed in California on behalf of certain investors who purchased
shares of GoPro Inc (NASDAQ:GPRO) over alleged Securities Laws
Violations by GoPro Inc.
Investors who purchased shares of GoPro Inc (NASDAQ:GPRO)
pursuant to the November 20, 2014 secondary public offering have
also certain options and should contact the Shareholders Foundation
at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants failed to disclose that
GoPro Inc was experiencing weak sales of its HERO line of cameras
between July 21, 2015 and January 13, 2016, that GoPro Inc was
experiencing weak HERO4 Session sales at the time the third Quarter
guidance was announced, that GoPro Inc’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, that
GoPro Inc’s third and fourth quarter 2015 guidance was inflated and
unrealistic, and 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.
On October 28, 2015, GoPro Inc announced its third quarter 2015
results. Specifically, GoPro Inc reported revenue of $400 million,
far below the company’s own guidance of $430 million to $445
million. On the same day, during the Company’s quarterly earnings
conference call with investors and analysts, GoPro CEO, Nick
Woodman, attributed GoPro Inc’s performance, in part, to week sales
related to the Company’s HERO4 Session camera. Specifically
addressing GoPro Inc’s guidance miss, the CEO of GoPro Inc stated
“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 Inc announced its fourth quarter and
calendar year 2015 preliminary results. GoPro Inc said that it
expects revenue to be approximately $435 million for the fourth
quarter of 2015 and $1.6 billion for the calendar year.
Those who purchased shares of GoPro Inc (NASDAQ:GPRO) pursuant
to the November 20, 2014 secondary public offering have certain
options and should contact the Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT: Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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