As reported by Law360, a California federal judge tossed out a proposed shareholder class action against GoPro and three of its executives over alleged misstatements regarding the company’s financial health, finding that investors failed to show that statements they highlighted were false.
The stockholders accused GoPro of misleading them about the market for its products and its sales strategies and for violating federal securities laws after a disappointing earnings report resulted in a 12 percent stock drop. U.S. District Judge Edward M. Chen dismissed the shareholders’ suit in its entirety.
GoPro was represented by Fenwick securities litigation partner Catherine Kevane and associates Marie Bafus and Vincent Barredo.
The case is Park v. GoPro Inc. et al., case number 3:18-cv-00193, in the U.S. District Court for the Northern District of California.
The full article is available on Law360 (subscription required).