Polaroid sues GoPro over Hero4 Session; shares lower

|About: GoPro (GPRO)|By:, SA News Editor

Polaroid (they're still around) alleges GoPro's (GPRO -2.2%) cube-shaped Hero4 Session camera copies the design of Polaroid's Cube camera. Polaroid manufacturing/distribution partner C&A Marketing is seeking an order awarding it GoPro's profits from sales, along with interest and attorney's fees.

GoPro launched the Session in July to decent reviews, but cut its price by $100 to $299 in September following softer-than-expected sales.

Shares are selling off once more, and are down 17% since GoPro posted a Q3 miss and issued light Q4 guidance last Wednesday. They trade for 17x a 2016 EPS consensus of $1.48 (down from a pre-earnings consensus of $1.94).

Subscribe for full text news in your inbox