Shareholder Class Action Filed Against GoPro | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 07.16.18

Airborne-UnManned 07.17.18

Airborne 07.18.18

AMA Drone Report 07.19.18

Airborne 07.13.18

Airborne-YouTube

Airborne 07.16.18

Airborne-UnManned 07.17.18

Airborne 07.18.18

AMA Drone Report 07.19.18

Airborne 07.13.18

Fri, Jan 12, 2018

Shareholder Class Action Filed Against GoPro

Says Company Misled Shareholders Concerning Viability Of Karma Drone

The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against GoPro on behalf of purchasers of the Company's securities between November 2, 2017 and January 5, 2018, inclusive.

Investors who purchased GoPro securities during the Class Period may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class. GoPro develops and sells mountable and wearable cameras and accessories. During the Class Period, GoPro's product offerings included "Karma," a premium remote controlled drone that retailed for $799.

On November 1, 2017, GoPro held an earnings conference call with investors and financial analysts to discuss the Company's financial results. During that call, GoPro's Chief Executive Officer ("CEO") represented to investors that "the consumer feedback to Karma specifically, actual owners of Karma has been quite good, and so we're feeling really good about our prospects in the future there."

The shareholder class action complaint alleges that, throughout the Class Period, GoPro and certain of its senior executive officers made false and misleading statements and/or failed to disclose that: (i) the market prospects for Karma were untenable due to margin challenges in an extremely competitive aerial market and a hostile regulatory environment in Europe and the United States; and (ii) as a result, defendants' public statements were materially false and misleading at all relevant times.

On January 8, 2018, GoPro disclosed, among other things: (i) that it was reducing its global workforce by approximately 20%; (ii) that, due to "margin challenges in an extremely competitive aerial market," the Company would be exiting the aerial market after selling its remaining Karma inventory; and (iii) that the Company would incur an estimated $23 – 33 million in restructuring charges.

Following this news, shares of GoPro's stock fell $0.96 per share, or over 12.7%, to close on January 8, 2018 at $6.56 per share, on heavy trading volume.

GoPro shareholders may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

GoPro shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.

(Source: Kessler Topaz Meltzer & Check news release. Image from file)

FMI: www.ktmc.com/new-cases/gopro-inc-2018#join

Advertisement

More News

Airborne 07.16.18: Coast Guard Rescues, AEA $$Prizes$$, Commuter Craft

Also: Hartzell @OSH18, FreeFlight Systems, Kent State Alsims, Hackers Ripoff MQ-9 Reaper Info If you aren’t already in awe of the work of the US Coast Guard, you should be. T>[...]

It's On--Again! EAA/ANN Announce 2018 AirVenture Innovation Preview!

Stunningly Successful Innovation Program Draws Hundreds of Thousands of Eyeballs to ‘All Things AirVenture’ E-I-C Note: We're tremendously excited to work with EAA agai>[...]

Aero-News AirVenture Update: This Is So Cool! #OSH18COOL

We Need YOUR Help To Find AND Celebrate The Coolest Stuff At EAA AirVenture 2018, #OSH18COOL Stuff that’s new is cool… we get it… that’s why we’re b>[...]

Airborne-Unmanned 07.17.18: Trans-Atlantic UAV!, Journalist Detained, Drone Reg.

Also: Drones Map Canadian City, 3DR Launches Thermal Imaging Solution, MQ-8C Milestone, MQ-9 Reaper Hack, Airventure 2018! Wednesday at 6:51 p.m. local time a Medium-altitude, Long>[...]

One More Reason To Celebrate Oshkosh -- ANN To Select Best Sportplanes of 2018!

In An Age Clouded By Icon's Flim-Flammery, We Want To Suggest Companies/Planes We HONESTLY Believe You Should Trust As we have in year's past... ANN is dusting off one of our reade>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC