Wed, Jan 04, 2017
Suit By Investors Tied To The Recall Of The Karma Drone
Khang & Khang LLP has announced its intention to file a announces a class action lawsuit against GoPro, Inc. Investors who purchased or otherwise acquired GoPro shares between September 19, 2016 and November 4, 2016 inclusive are encouraged to contact the Firm by the January 17, 2017 lead plaintiff motion deadline.
The complaint alleges that GoPro made false and misleading statements to investors and/or failed to disclose: that the Company’s Karma drones were prone to losing power mid-flight, causing them to fall out of the sky; that GoPro overstated the utility and likely customer demand for the Karma drone; that there would likely be a costly recall of GoPro’s Karma drones when it is publicly known; and that as a result of the above, GoPro’s public statements were materially false and misleading at all relevant times.
On November 8, 2016, the Company announced a recall of all of its Karma drones, due to instances where “units lost power during operation.” GoPro also announced disappointing third-quarter 2016 financial results on November 4, 2016. When this information was released, shares of GoPro declined in value, causing investors harm.
The firm urges investors who bought shares of GoPro during the Class Period to contact them. They do caution that there has been no class certification in this case. Until certification occurs, investors are not represented by an attorney. Investors may choose to take no action and remain a passive class member.
(Source: Khang & Khang LLP news release. Image from file)
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