Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into GoPro, Inc. (NasdaqGS: GPRO).
On September 19, 2016, after months of buildup and delay, GoPro announced the release of its “Karma” drone unit touting its quality and capability as well expressing high expectations for consumer demand and revenue resulting from its consumer sales. Despite the positive statements made by GoPro regarding the Karma drone, on November 3, 2016, the Company released its results for the quarter ended September 30, 2016 including revenue guidance for 2016, which was significantly below prior-issued guidance, yet it continued to publicly hype its Karma unit in a post-market earnings call. On November 8, 2016, the Company revealed that approximately 2,500 Karma drone units were being recalled due to a discovery that the drones would often lose power during operations.
Thereafter, GoPro and certain of its executives were sued in several securities class action lawsuits, charging them with failing to disclose material information during the Class Period, violating federal securities laws. On July 26, 2017, the Court denied GoPro’s motion to dismiss a securities class action complaint pending in the U.S. District for the Northern District of California.
KSF’s investigation is focusing on whether GoPro’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of GoPro shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]).
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.