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 - EconoTimes)
NEW YORK, Feb. 19, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against GoPro, Inc. (“GoPro” or the “Company”) (Nasdaq:GPRO) in the United District Court for the Northern District of California on behalf of a class consisting of all persons or entities who purchased GoPro securities between November 26, 2014, and January 13, 2016, inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
The Complaint alleges that Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) GoPro was unable to develop and/or bring to market a drone product to house its cameras; (2) GoPro was experiencing weak sales of its HERO line of cameras; (3) GoPro was experiencing weak HERO4 Session sales at the time the third Quarter guidance was announced; (4) GoPro’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; (5) GoPro’s third and fourth quarter 2015 guidance was inflated and unrealistic; (6) despite dismal sales of the HERO4 Session, GoPro had not accelerated development of its drone product to make it available for sale during the 2015 Christmas season and (6) a 2016 first half launch of a drone product was not likely to be successful. As a result of the above, Defendants’ statements about GoPro’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you wish to serve as lead plaintiff, you must move the Court no later than March 14, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
