GoPro Inc (NASDAQ: GPRO) Investor Files Securities Class Action Lawsuit 01/09/2018

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Company Name(s): 
GoPro
Case Name: 
GoPro Shareholder Class Action Lawsuit 01/09/2018
Case Status: 
Lawsuit Filed
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: GPRO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/09/2018
Class Period Begin: 
11/02/2017
Class Period End: 
01/05/2018
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/12/2018
Summary: 

August 17, 2018 - Defendants filed a motion to dismiss.

March 18, 2019 - The court dismissed the case.

June 18, 2018 - The lead plaintiffs filed an amended consolidated complaint.

April 20, 2018 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

March 12, 2018 - Lead plaintiff motions were filed.

January 9, 2018 - An investor in shares of GoPro Inc (NASDAQ: GPRO) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by GoPro Inc in connection with certain allegedly false and misleading statements made between November 2, 2017 and January 5, 2018.

On January 8, 2018, before the market opened, GoPro Inc announced its fourth quarter 2017 financial results, disclosing that GoPro Inc had achieved sales of just $340 million instead of the $470 million in sales defendants had led analysts and the market to expect. GoPro Inc blamed the results on the slashing of prices for its HERO6 Black, HERO5 Black and HERO5 Session cameras, as well as its Karma drone, which the Company had been forced to engage in to move inventory and which had a negative $80 million impact on revenues. GoPro Inc also disclosed it was cutting more than one-fifth of its workforce and exiting the drone market altogether, requiring it to dump the rest of its Karma drone inventory.

Shares of GoPro Inc (NASDAQ: GPRO) declined from $11.69 per share in September 2017 to as low as $5.04 per share on January 8, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of GoPro Inc (NASDAQ: GPRO) common shares between November 2, 2017 and January 5, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 2, 2017 and January 5, 2018, the defendants failed disclose that demand for the GoPro brand had dramatically declined and retailers were not stocking up for the 2017 holiday sales season to the extent GoPro Inc had budgeted for, that demand for GoPro Inc’s Karma drones was so weak the Company could no longer afford to manufacture the drones profitably, that GoPro Inc would be forced to slash the prices on some of its best-selling products, and that, as a consequence, GoPro Inc was not on track to achieve the financial results it had led the market to expect between November 2, 2017 and January 5, 2018, and that as a result of defendants’ false and misleading statements and/or omissions, the price of GoPro Inc stock was artificially inflated between November 2, 2017 and January 5, 2018, reaching a high of more than $11.80 per share, and allowing certain of the Company’s senior executives to sell their personally owned GoPro Inc shares at artificially inflated prices, including GoPro Inc’s CEO and CFO, who collectively sold more than $6.5 million worth of GoPro Inc stock in November 2017.