Gainey McKenna & Egleston Announces a New Class Action Lawsuit With an Expanded Class Period Has Been Filed Against GoPro, I...
February 19 2016 - 10:00PM
Gainey McKenna & Egleston announces that a class action lawsuit
has been filed against GoPro, Inc. (“GoPro” or the “Company”)
(Nasdaq:GPRO) in the United District Court for the Northern
District of California on behalf of a class consisting of all
persons or entities who purchased GoPro securities between
November 26, 2014, and January 13, 2016, inclusive
(the “Class Period”). This class action seeks to recover
damages against Defendants for alleged violations of the federal
securities laws under the Securities Exchange Act of 1934 (the
“Exchange Act”).
The Complaint alleges that Defendants issued
materially false and misleading statements to investors and/or
failed to disclose that: (1) GoPro was unable to develop and/or
bring to market a drone product to house its cameras; (2) GoPro was
experiencing weak sales of its HERO line of cameras; (3) GoPro was
experiencing weak HERO4 Session sales at the time the third Quarter
guidance was announced; (4) GoPro’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; (5) GoPro’s
third and fourth quarter 2015 guidance was inflated and
unrealistic; (6) despite dismal sales of the HERO4 Session, GoPro
had not accelerated development of its drone product to make it
available for sale during the 2015 Christmas season and (6) a 2016
first half launch of a drone product was not likely to be
successful. As a result of the above, Defendants’ statements
about GoPro’s business, operations, and prospects were false and
misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must
move the Court no later than March 14, 2016.
A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. If you wish
to join the litigation, or to discuss your rights or interests
regarding this class action, please contact Thomas J. McKenna, Esq.
or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at
(212) 983-1300, or via e-mail at tjmckenna@gme-law.com or
gegleston@gme-law.com.
Please visit our website at
http://www.gme-law.com for more information about the firm.
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