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GoPro accused of misleading stockholders

NORTHERN CALIFORNIA RECORD

Sunday, November 24, 2024

GoPro accused of misleading stockholders

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SAN FRANCISCO – GoPro Inc. is being sued by a man over allegations it mislead stockholders.

Joseph Bodri filed a lawsuit against GoPro, CEO Nicholas Woodman and Chief Financial Officer Jack Lazar on Jan. 13 in the U.S. District Court for the Northern District of California, citing violation of federal securities laws.

On Sept. 28, GoPro issued a press release that announced the HERO4 Session camera, priced at $399.99, according to the suit. A month later, on Oct. 28, the company released a press release about poor third-quarter results, stating that one of the reasons was the possible high price of the HERO4, the complaint states. According to the complaint, GoPro stock prices fell more than 15 percent to close at $25.62 the next day.

According to the complaint, another press release issued Jan. 13 regarding GoPro's fourth-quarter profits, which were lower than the company's guidance, caused stocks to fall to $10.52 per share.

Bodri alleges that the defendant frequently made false and misleading statements about its operations. As a direct result of GoPro’s alleged wrongdoings, Bodri claims he suffered damages during the class period of July 21, 2015, to Jan. 13.

Bodri is seeking compensatory damages for himself and the class as well as court costs and attorneys' fees. Lionel Z. Glancy, Robert V. Prongay, Lesley F. Portnoy and Charles H. Linehan of Glancy Prongay and Murray LLP in Los Angeles and Howard G. Smith the Law Offices of Howard G. Smith in Bensalem, Pennsylvania are representing the plaintiff.

U.S. District Court for the Northern District of California Case number 3:16-cv-00232

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