GoPro Escapes Stock-Drop Suit Over Sales Strategies
Law360 (March 18, 2019, 5:51 PM EDT) -- A California federal judge has tossed a proposed shareholder class action against GoPro Inc. and three of its executives over alleged misstatements regarding the company’s financial health, finding that the investors failed to show the statements they highlighted were actually false.
The stockholders had accused GoPro, which produces and sells wearable and gear-mountable cameras as well as drones, of violating federal securities laws by misleading them about the market for its products and its sales strategies, which led to a 12 percent stock drop when disappointing earnings were later revealed.
U.S. District Judge Edward M. Chen on Friday dismissed the shareholders’...
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