GoPro Inc Drops From Highs Following Copperfield Research Tweets, WSJ Article

Shares of GoPro Inc (NASDAQ: GPRO) have struggled to hold onto Tuesday's gains, following a tweet by Copperfield Research, a pseudonym used by a research team to disguise themselves.

You see, we believe $GPRO has used accounting gimmickry to overstate EBITDA by at least 10%. Very aggressive. @CitronResearch

— Copperfield Research (@CopperfieldRscr) October 7, 2014

$GPRO is not what it seems. Great product, great chart... But accounting has yet to be fleshed out well. Still working through details.

— Copperfield Research (@CopperfieldRscr) October 7, 2014

The name comes from the magician David Copperfield, with the research many times focusing on the illusionary aspects of accounting practices.

The drop also coincided somewhat with a Wall Street Journal article that highlights the markets ability to trade in whichever direction inflicts the most pain. In the case of GoPro, that is to the upside, as evidenced by the massive short interest and borrow cost in the shares.

Shares of GoPro, which had traded at all-time highs earlier in the day at $98.47, have pulled back to trade slightly lower on the day at $92.46, down 1.4 percent.