GoPro Inc (NASDAQ:GPRO) Investor Securities Class Action Lawsuit 11/17/2016

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of August 20, 2019 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
GoPro
Case Name: 
GoPro Shareholder Class Action Lawsuit 11/17/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: GPRO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/16/2016
Class Period Begin: 
09/19/2016
Class Period End: 
11/04/2016
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
01/17/2017
Date Settled: 
04/26/2019
Settlement Amount: 
$6,750,000
Deadline to Participate in Settlement: 
08/20/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

April 26, 2019 - The court preliminarily approved the settlement.

February 14, 2019 - Parties filed a stipulation of settlement.

November 17, 2016 (Shareholders Foundation) - 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 September 19, 2016 and November 4, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of GoPro Inc (NASDAQ:GPRO) common shares between September 19, 2016 and November 4, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 19, 2016 and November 4, 2016, the defendants made false and/or misleading statements and/or failed to disclose thatGoPro’s Karma drones were prone to losing power midflight, causing them to fall out of the sky, that the Company had thus significantly overstated the utility of and likely customer demand for the Karma drone, that the foregoing issue, when publicly known, would necessitate a costly recall of the Company’s Karma drones, and that as a result, GoPro’s public statements were materially false and misleading at all relevant times.

GoPro Inc reported that its annual Total Revenue rose from over $1.39 billion in 2014 to over $1.61 billion in 2015 while its Net Income declined from $128.09 million to $36.13 million.

On October 23, 2016, following months of delays, GoPro Inc released the Karma drone, a compact, foldable drone designed for aerial photography using GoPro’s cameras.

Then on November 8, 2016, GoPro Inc announced the Company’s financial and operating results for the quarter ended September 30, 2016. Among other information, GoPro Inc provided revenue guidance for 2016 in the range of $1.25 billion and $1.3 billion.

On November 8, 2016, GoPro Inc also announced the recall of the approximately 2,500 Karma drones purchased by consumers since the product’s release, advising that the Company had discovered that Karma units were prone to losing power during operation.
Shares of GoPro Inc (NASDAQ:GPRO) declined from $17.15 per share in September 2016 to as low as $9.75 per share on November 9, 2016.