Camera manufacturer GoPro's shares fell as much as 16% on Monday after "a French journalist suggested that Formula 1 legend Michael Schumacher's injuries in a ski accident last year might have been caused by a wearable camera made by the company," according to Nair & Sachin of REUTERS. Jean-Louis Moncet said, "The problem for Michael was not the hit, but the mounting of the GoPro camera that he had on his helmet that injured his brain." Moncet was "reported to have spoken to Schumacher's son, Mick, but the journalist denied this in a tweet later" (REUTERS, 10/13). BLOOMBERG's Denni Hu reported GoPro spokesperson Jeff Brown said in an e-mail that the company is "trying to get more information about the reports before issuing a statement." GoPro, led by CEO Nicholas Woodman, went public in June. The shares have "since soared, fueled by sales of its tiny video cameras that adventurers strap onto their bodies to record their exploits." Yet the stock has been "volatile, including declining 6.9 percent earlier this month after its founders donated some of their holdings to establish a charitable foundation." JMP Securities analyst Alex Gauna said, "A move of this magnitude is common for GoPro" (BLOOMBERG, 10/13).
