SAN DIEGO, Jan. 19, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed in California on behalf of certain investors who purchased shares of GoPro Inc (NASDAQ:GPRO) over alleged Securities Laws Violations by GoPro Inc.
Investors who purchased shares of GoPro Inc (NASDAQ:GPRO) pursuant to the November 20, 2014 secondary public offering have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants failed to disclose that GoPro Inc was experiencing weak sales of its HERO line of cameras between July 21, 2015 and January 13, 2016, that GoPro Inc was experiencing weak HERO4 Session sales at the time the third Quarter guidance was announced, that GoPro Inc’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, that GoPro Inc’s third and fourth quarter 2015 guidance was inflated and unrealistic, and 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.
On October 28, 2015, GoPro Inc announced its third quarter 2015 results. Specifically, GoPro Inc reported revenue of $400 million, far below the company’s own guidance of $430 million to $445 million. On the same day, during the Company’s quarterly earnings conference call with investors and analysts, GoPro CEO, Nick Woodman, attributed GoPro Inc’s performance, in part, to week sales related to the Company’s HERO4 Session camera. Specifically addressing GoPro Inc’s guidance miss, the CEO of GoPro Inc stated “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 . . . .”
On January 13, 2016, GoPro Inc announced its fourth quarter and calendar year 2015 preliminary results. GoPro Inc said that it expects revenue to be approximately $435 million for the fourth quarter of 2015 and $1.6 billion for the calendar year.
Those who purchased shares of GoPro Inc (NASDAQ:GPRO) pursuant to the November 20, 2014 secondary public offering have certain options and should contact the Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.