NEW YORK, Jan. 15, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors of class action against GoPro, Inc. ("GoPro" or the "Company") (Nasdaq: GPRO) and certain of its officers. The class action was filed in the United States District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased shares between July 21, 2015 and January 13, 2016, inclusive (the "Class Period"). Such investors are advised to contact Peretz Bronstein or his investor relations analyst, Yael Hurwitz at firstname.lastname@example.org or 212-697-6484.
On October 28, 2015, GoPro released disappointing third quarter 2015 results, including revenue of $400 million, much lower than the Company's guidance of $430-$445 million. That day, Nick Woodman, CEO of GoPro attributed the Company's poor performance, to weak sales of the HERO4 Session camera, specifically stating, "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 . . . ."
Following this news, GoPro shares fell $4.59, or more than 15%, to close at $25.62 per share on October 29, 2015.
On January 13, 2016, GoPro reported a preliminary fourth quarter 2015 revenue of $435 million, again far below the GoPro's expected $500-$550 million. Additionally, GoPro publicized a plan to cut its staff by approximately 7% and is likely to suffer roughly $5 to $10 million in restructuring costs. GoPro attributed its dismal fourth quarter results to "lower than anticipated sales of its capture devices" and "a $21 million reduction for price protection related charges resulting from the HERO4 Session repricing in December."
Following this news, GoPro shares dropped 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.
This lawsuit alleges that GoPro and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that throughout the Class Period, defendants failed to disclose: (1) that the Company was experiencing weak sales of its HERO line of cameras throughout the Class Period; (2) that the Company was experiencing weak HERO4 Session sales at the time the third Quarter guidance was announced; (3) that the Company'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; (4) that the Company's third and fourth quarter 2015 guidance was inflated and unrealistic; and (5) 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.
No Class has yet been certified in the above action. If you wish to join this litigation you can visit the firm's website at: http://www.bgandg.com/#!gpro/y2yqv. You may also contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in GoPro, Inc. you have until March 14, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org
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