NEW YORK, Jan. 22, 2016 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the Northern District of California against GoPro, Inc. ("GoPro" or the "Company") (Nasdaq: GPRO), Nick Woodman ("Woodman"), the Company's CEO, and Jack Lazar ("Lazar"), the Company's CFO.
The complaint alleges that Defendants GoPro, Woodman, and Lazar, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the SEC. The complaint is brought on behalf of a class of all persons and entities who purchased the publicly traded Class A common stock of GoPro between July 21, 2015 and January 13, 2016 to recover damages caused to the Class by defendants' violations of the securities laws.
The complaint further alleges that defendants made untrue statements of material facts or omitted to state material facts concerning sales of the Company's HERO line of cameras, including the Company's new HERO4 Session. Moreover, the complaint alleges that unknown to investors, during the Class Period, defendants knew or recklessly disregarded that the sell-through of the Company's HERO line of cameras, including the Company's new HERO4 Session, was poor and did not meet the Company's internal expectations, and that as a result, the Company's revenue growth had materially declined.
The complaint alleges that the Class Period ends on January 13, 2016, when GoPro disclosed its preliminary financial results for the quarter and year ended December 31, 2015, stating, in part, the following: "GoPro expects revenue to be approximately $435 million for the fourth quarter of 2015 and $1.6 billion for the calendar year. Fourth quarter revenue reflects lower than anticipated sales of its capture devices due to slower than expected sell through at retailers, particularly in the first half of the quarter. Fourth quarter revenue includes a $21 million reduction for price protection related charges resulting from the HERO4 Session repricing in December."
On January 14, 2016, the next trading day, GoPro shares declined from a closing price on January 13, 2015 of $14.61 per share, to close at $12.48 per share, a decline of $2.13 per share or approximately 15% on heavier than usual volume.
If you are a member of the proposed Class, you may move the court no later than March 14, 2016 to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com). Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail attorneys Jeff Campisi (email@example.com), or Larry King (firstname.lastname@example.org), or contact them by phone, regular mail, or fax:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Toll-Free Telephone: (800) 290-1952
Telephone: (212) 687-1980
Fax: (212) 687-7714
E-mail address: email@example.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Telephone: (415) 772-4700
E-mail address: firstname.lastname@example.org
SOURCE Kaplan Fox & Kilsheimer LLP