NEW YORK, Nov. 17, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against GoPro, Inc. ("GoPro" or the "Company") (NASDAQ: GPRO) and certain of its officers, and is on behalf of shareholders who purchased or otherwise acquired GoPro securities between September 19, 2016 and November 4, 2016, both dates inclusive (the "Class Period"). Such investors are advised to join this case by visiting the firm's site: http://www.bgandg.com/gpro.
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"). GoPro is an American technology company that develops and manufactures wearable action cameras and develops its own apps and video-editing software. On October 23, 2016, after months postponements, GoPro announced its Karma drone, a compact, foldable drone designed for aerial photography using GoPro's cameras. The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) GoPro's Karma drones likely to lose power midflight, and fall out of the sky; (2) GoPro had knowingly overstated the efficacy of the Karma drone and thus its customer demand for the new product; (3) once this issue was made public, it would require a pricey recall of Karma drones; and (4) consequently, GoPro's public statements were materially false and misleading at all relevant times.