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 01.15.18

Airborne-UnManned 01.16.18

Airborne 01.17.18

AMA Drone Report 01.11.18

Airborne 01.12.18

Airborne-YouTube

Airborne 01.15.18

Airborne-UnManned 01.16.18

Airborne 01.17.18

AMA Drone Report 01.11.18

Airborne 01.12.18

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

AMA Drone Report 01.11.18: Hobbico Chapter 11, New Tello Drone, Karma Killed

Also: Huerta Steps Down, NJ Considering Drone DUI, UK Drone Collision Study, Team Futaba In a bit of bad news we did not need, one of the hobby industry’s biggest players is >[...]

Airborne-Unmanned 01.09.18: GoPro Kills Karma, Solar HALE UAS, Aptiv And Lyft

Also: Aurora Flight Sciences Award, Kratos Contract, MacDill AFB, Property Drone Consortium GoPro announced in its most recent earnings report that it is exiting the camera drone m>[...]

Airborne 01.15.18: SpaceShipTwo Update, Intel CEO Flies Volocopter, R66 Global

Also: Workhorse SureFly Not Flying Yet, GovSat-1, ‘Even More Girls-In Tech’, Alaska A/L VSS Unity has successfully completed her seventh glide flight. In the few months>[...]

Airborne 01.12.18: JetPack!!!, Bell Heli at CES, Zuma Failure

Also: Alitalia Damages Viola, Gogo AVANCE L3, United Airlines ALPA MEC, Fat Shark Drone Racing Training Kit With one ‘FAA approved’ jetpack allegedly to its credit, Jet>[...]

Airborne 01.15.18: SpaceShipTwo Update, Intel CEO Flies Volocopter, R66 Global

Also: Workhorse SureFly Not Flying Yet, GovSat-1, ‘Even More Girls-In Tech’, Alaska A/L VSS Unity has successfully completed her seventh glide flight. In the few months>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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