San Diego, CA -- (SBWire) -- 11/22/2016 --An investor, who purchased shares of GoPro Inc (NASDAQ:GPRO), filed a lawsuit in California over alleged violations of Federal Securities Laws by GoPro Inc in connection with certain allegedly false and misleading statements made in connection with GoPro's recently recalled drone.
Investors who purchased shares of GoPro Inc (NASDAQ:GPRO) have certain options and for certain investors are short and strict deadlines running. Deadline: January 17, 2017. NASDAQ:GPRO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
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.
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.
Those who purchased shares of GoPro Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
GoPro Inc (NASDAQ:GPRO) Investor Alert: Lawsuit Alleges Misleading Statements in Connection with Drone
A lawsuit was filed on behalf of investors in GoPro Inc (NASDAQ:GPRO) shares over alleged securities laws violations and NASDAQ:GPRO investors should contact the Shareholders Foundation.