NEW YORK, Jan. 22, 2016 /PRNewswire/ -- Kaplan Fox
& Kilsheimer LLP (www.kaplanfox.com) has filed a class action
suit in the United States District Court for the Northern District
of California against GoPro, Inc.
("GoPro" or the "Company") (Nasdaq: GPRO), Nick Woodman ("Woodman"), the Company's CEO, and
Jack Lazar ("Lazar"), the Company's
CFO.
The complaint alleges that Defendants GoPro, Woodman, and Lazar,
violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10b-5 promulgated thereunder by the SEC. The
complaint is brought on behalf of a class of all persons and
entities who purchased the publicly traded Class A common stock of
GoPro between July 21, 2015 and
January 13, 2016 to recover damages
caused to the Class by defendants' violations of the securities
laws.
The complaint further alleges that defendants made untrue
statements of material facts or omitted to state material facts
concerning sales of the Company's HERO line of cameras, including
the Company's new HERO4 Session. Moreover, the complaint
alleges that unknown to investors, during the Class Period,
defendants knew or recklessly disregarded that the sell-through of
the Company's HERO line of cameras, including the Company's new
HERO4 Session, was poor and did not meet the Company's internal
expectations, and that as a result, the Company's revenue growth
had materially declined.
The complaint alleges that the Class Period ends on January 13, 2016, when GoPro disclosed its
preliminary financial results for the quarter and year ended
December 31, 2015, stating, in part,
the following: "GoPro expects revenue to be approximately
$435 million for the fourth quarter
of 2015 and $1.6 billion for the
calendar year. Fourth quarter revenue reflects lower than
anticipated sales of its capture devices due to slower than
expected sell through at retailers, particularly in the first half
of the quarter. Fourth quarter revenue includes a $21 million reduction for price protection
related charges resulting from the HERO4 Session repricing in
December."
On January 14, 2016, the next
trading day, GoPro shares declined from a closing price on
January 13, 2015 of $14.61 per share, to close at $12.48 per share, a decline of $2.13 per share or approximately 15% on heavier
than usual volume.
If you are a member of the proposed Class, you may move the
court no later than March 14, 2016 to
serve as a lead plaintiff for the proposed Class. You need not seek
to become a lead plaintiff in order to share in any possible
recovery.
Plaintiff seeks to recover damages on behalf of the proposed
Class and is represented by Kaplan
Fox & Kilsheimer LLP (www.kaplanfox.com). Our firm, with
offices in New York, San Francisco, Los
Angeles, Chicago and
New Jersey, has decades of
experience in prosecuting investor class actions and actions
involving violations of the Federal securities laws.
If you have any questions about this Notice, the action, your
rights, or your interests, please e-mail attorneys Jeff Campisi (jcampisi@kaplanfox.com), or
Larry King (lking@kaplanfox.com), or
contact them by phone, regular mail, or fax:
Jeffrey P.
Campisi
KAPLAN FOX &
KILSHEIMER LLP
850 Third Avenue,
14th Floor
New York, New
York 10022
Toll-Free Telephone:
(800) 290-1952
Telephone: (212)
687-1980
Fax: (212)
687-7714
E-mail address:
jcampisi@kaplanfox.com
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Laurence D.
King
KAPLAN FOX &
KILSHEIMER LLP
350 Sansome Street,
Suite 400
San Francisco,
California 94104
Telephone: (415)
772-4700
Fax:
415-772-4707
E-mail address:
lking@kaplanfox.com
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SOURCE Kaplan Fox &
Kilsheimer LLP