The Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of GoPro, Inc. Investors & Enc...
December 21 2016 - 2:03PM
Business Wire
Law Offices of Howard G. Smith announces that a class
action lawsuit has been filed on behalf of investors who purchased
GoPro, Inc. (“GoPro” or the “Company”) (NASDAQ: GPRO) securities
between September 19, 2016 and November 4, 2016, inclusive
(the “Class Period”). GoPro investors have until January
17, 2017 to file a lead plaintiff motion.
Investors suffering losses on their GoPro investments are
encouraged to contact the Law Offices of Howard G. Smith to discuss
their legal rights in this class action at 888-638-4847 or by email
to howardsmith@howardsmithlaw.com.
GoPro develops and sells mountable and wearable cameras, and
accessories in the United States and internationally.
On November 8, 2016, after market close, GoPro announced that it
was recalling all of its Karma drones. According to the Company,
the drones were recalled due to instances where “units lost power
during operation”. The Karma drones had only just been released on
October 23, 2016 and the Company expressed hope that they would be
a popular seller during the Holiday shopping season. Notably, the
Company also announced disappointing third-quarter 2016 financial
results on November 4, 2016.
On this news, shares of GoPro were down as much as 10% during
intra-day trading on November 9, 2016.
According to the Complaint filed in this lawsuit, GoPro made
false and misleading statements to investors and/or failed to
disclose: that the Company's Karma drones were prone to losing
power midflight, causing them to fall out of the sky; that GoPro
overstated the utility and likely customer demand for the Karma
drone; that there would likely be a costly recall of GoPro's Karma
drones when it is publicly known; and that as a result of the
above, GoPro's public statements were materially false and
misleading at all relevant times.
If you purchased shares of GoPro during the Class Period you may
move the Court no later than January 17, 2017 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, toll-free at (888) 638-4847, or by email
to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20161221005763/en/
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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