NEW YORK, Jan. 15, 2016 (GLOBE NEWSWIRE) -- 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 July 21, 2015 through 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 experiencing weak sales of its HERO line of cameras; (2) GoPro was experiencing weak HERO4 Session sales at the time the third Quarter guidance was announced; (3) 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; (4) GoPro’s third and fourth quarter 2015 guidance was inflated and unrealistic; and (5) as a result, Defendants’ statements about GoPro’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
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 tjmckenna@gme-law.com or gegleston@gme-law.com.
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