GoPro Inc (NASDAQ: GPRO) Investor Securities Class Action Lawsuit 01/13/2016

If you purchased shares of GoPro Inc (NASDAQ: GPRO), you might have certain options and should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
GoPro
Case Name: 
GoPro Shareholder Class Action Lawsuit 01/13/2016
Case Status: 
Case Dismissed
Affected Securities
NASDAQ: GPRO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/13/2016
Class Period Begin: 
07/21/2015
Class Period End: 
01/13/2016
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/14/2016
Case Dismissed: 
05/01/2017
Summary: 

June 18, 2017 - The court entered a final judgement in favor of the defendants and dismissed the case with prejudice.

May 1, 2017 - The court granted defendants' motion to dismiss without prejudice and with leave to amend.

September 26, 2016 - Defendants filed a motion to dismiss.

July 28, 2016 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased GoPro Inc (NASDAQ: GPRO) common shares between July 21, 2015 and January 13, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 21, 2015 and January 13, 2016.

April 28, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

March 14, 2016 - Lead plaintiff motions were filed.

January 13, 2016 - 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 26, 2014 and January 13, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of GoPro Inc (NASDAQ: GPRO) common shares between November 26, 2014 and January 13, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 26, 2014 and January 13, 2016 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 Inc 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 Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

In June 2014, GoPro Inc commenced an IPO and issued approximately 17.8 million shares of common stock at $24 per share. In the weeks and months following, those shares shot up to trade at over $98 per share. In November 2014, GoPro Inc commenced the SPO and issued approximately 10.3 million additional shares of common stock at $75 per share. These two offerings collectively sold over 28 million shares of GoPro Inc common stock to the public, raising more than $1 billion in gross proceeds.

On November 20, 2014, GoPro Inc commenced the secondary public offering, issuing approximately 10.3 million additional shares of common stock at $75 per share.

On February 5, 2015, GoPro Inc announced its fourth quarter and full year 2014 results. GoPro Inc reported that its annual Total Revenue rose from $985.74 million in 2013 to over $1.39 billion in 2014 and that its Net Income grew from $60.58 million in 2013 to $128.09 million in 2014.

Shares of GoPro Inc (NASDAQ: GPRO) grew from 37.95 per share in March 2015 to as high as $64.74 per share in August 2015.

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 Inc 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.

Shares of GoPro Inc (NASDAQ: GPRO) fell as much as $4.08 per share, or 27.9%, to lows of $10.52 per share during after- hours trading on January 13, 2016.