NEW YORK, Jan. 12, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in GoPro, Inc. ("GoPro" or the "Company") (NASDAQ: GPRO) of the January 17, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
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 common stock between September 19, 2016 and November 4, 2016 (the "Class Period"). The case, Bielousov v. GoPro, Inc. et al, No. 3:16-cv-06654 was filed on November 16, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (i) GoPro's Karma drones were susceptible to losing power midflight, causing them to fall out of the sky; (ii) the Company overstated the utility of and likely customer demand for the Karma drone; (iii) when the aforementioned issue was publicly known, it would require a costly recall of the Karma drones; and (iv) as a result, GoPro's public statements were materially false and misleading.
Specifically, before market-close on November 3, 2016, GoPro announced its financial results for the quarter ended September 30, 2016. The Company significantly decreased its revenue guidance for 2016 to $1.25 billion to $1.3 billion from $1.35 billion to $1.5 billion.
On this news, GoPro's share price fell from $12.84 per share on November 2, 2016 to a closing price of $11.94 on November 3, 2016—a $0.90 or a 7.01% drop. The Company's share price continued to decline into the next trading day to a closing price of $11.16 on November 4, 2016—a $0.78 or a 6.53% drop from November 3, 2016.
Additionally, after-market close on November 8, 2016, GoPro announced the recall of the approximately 2,500 Karma drones purchased by consumers. The Company advised it discovered that Karma units were prone to losing power during operation.
On this news, GoPro's share price fell from $10.86 per share on November 8, 2016 to a closing price of $10.41 on November 9, 2016—a $0.45 or a 4.14% drop.
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If you invested in GoPro common stock or options between September 19, 2016 and November 4, 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 email@example.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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Attn: Richard Gonnello, Esq.
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