Bodri
Bodri v. GoPro, Inc.
Opinion
Lead Opinion
Tigar, J.
ORDER GRANTING DEFENDANTS’ MOTION TO DISMISS
Re: ECF No.
Lead Plaintiff Camia Investment LLC (“Plaintiff’) brings this putative class action complaint alleging violations of the federal securities laws by defendants Go-Pro, Inc. (“GoPro,” or “the Company”), its Chief Executive Officer (“CEO”), Nicholas Woodman, its former Chief Financial Officer (“CFO”), Jack Lazar, and the President and Director of its Board, Anthony Bates (collectively, “Defendants”). Plaintiff alleges in the Amended Consolidated Complaint (“the Complaint”) that Defendants made material misrepresentations about the strength of GoPro’s HER04 Session (“Session”) camera sales, and that when the truth was revealed about those sales, GoPro’s stock fell substantially in value. Defendants move to dismiss the Complaint for failure to state a claim pursuant to Federal Rules of Civil Procedure 9(b) and 12(b)(6), as well as the Private Securities Litigation Reform Act of 1995 (“PSLRA”). ECF No. 94. Because the Complaint fails adequately to plead either a false or misleading statement or scienter the Court will grant the motion to dismiss with leave to amend.