The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased GoPro, Inc. (NASDAQ: GPRO) securities between September 19, 2016 and November 4, 2016.
According to the complaint, during the Class Period, GoPro made false and misleading statements and/or failed to disclose that: (i) GoPro’s Karma drones were prone to losing power midflight, causing them to fall out of the sky; (ii) the Company had thus significantly overstated the utility of, and likely customer demand for, the Karma drone; (iii) the foregoing issue, when publicly known, would necessitate a costly recall of the Company’s Karma drones; and (iv) as a result, GoPro’s public statements were materially false and misleading at all relevant times.
On November 3, 2016, GoPro announced it would decrease revenue guidance for 2016 from a range of $1.35 billion-$1.5 billion to a range of $1.25 billion-$1.3 billion. Then on November 8, 2016, GoPro announced a recall of approximately 2,500 Karma drones.
If you suffered a loss in GoPro you have until January 17, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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