A lawsuit was filed on behalf of investors in GoPro Inc (NASDAQ:GPRO) shares over alleged securities laws violations. Deadline: March 14, 2016. NASDAQ:GPRO investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/08/2016 -- A shareholder in GoPro Inc (NASDAQ:GPRO) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged Securities Laws violations by GoPro Inc.
Shares of GoPro declined on February 4, 2016 to as low as $9.01 per share.
Investors who purchased a significant amount of shares of GoPro Inc (NASDAQ:GPRO) have certain options and for certain investors are short and strict deadlines running. Deadline: March 14, 2016. NASDAQ:GPRO investors should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff claims that between July 21, 2015 and January 13, 2016 the defendants failed to discloset hat 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 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's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
In June 2014, GoPro 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 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 common stock to the public, raising more than $1 billion in gross proceeds.
On November 20, 2014, GoPro commenced the secondary public offering, issuing approximately 10.3 million additional shares of common stock at $75 per share.
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 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.
Those who purchased shares of GoPro Inc (NASDAQ:GPRO) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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