NEW YORK, NY --(Marketwired - January 23, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in GoPro, Inc. ("GoPro" or the "Company") (
The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased GoPro securities between July 21, 2015 and January 13, 2016 (the "Class Period"). The case, Bodri v. GoPro, Inc. et al, No. 3:16-cv-00232 was filed on January 13, 2016, and has been assigned to Judge Jon S. Tigar.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the weak sales of its HERO line of cameras as well as providing misleading and inflated financial expectations for the company's third and fourth quarter 2015.
Specifically, on July 21, 2015, the company announced its guidance for the third quarter 2015, anticipating revenue between $430 million and $435 million. However, on October 28, 2015, the company issued a press release announcing poor third quarter 2015 results, reporting revenue of only $400 million, far below the company's guidance.
Then, after market close on January 13, 2016, GoPro issued a press release, stating that its fourth quarter 2015 revenue of $435 million fell below the company's guidance of $500 million to $550 million. Furthermore, the Company announced a reduction of its workforce by approximately 7%, and that it was incurring approximately $5 million to $10 million in restructuring costs.
After the announcement, Company share price fell $4.08 per share, a 27.9% drop, to $10.52 per share during after-hours trading on January 13, 2016.
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Take Action
If you invested in GoPro securities between July 21, 2015 and January 13, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/GPRO . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding GoPro's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 3 rd Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. Email contact Telephone: (877) 247-4292 or (212) 983-9330
