GoPro shares fell more than 12 percent on Thursday after news that founders Nicholas and Jill Woodman are breaking a lockup on their shares to set up a new charity.
However, a source told CNBC that none of Nick's shares were sold in the market Thursday and that the shares were moved from one of his personal accounts to a new foundation account for tax reasons.
No structure is in place for the sale of the shares, which is not expected to happen for some time, the source said.
The existing lockup officially ends in December, so the shift would not have been able to go into effect until January 2015.
JPMorgan Securities, which managed the company's June initial public offering, agreed to release the new foundation from a lockup restriction on about 5.8 million shares gifted to it, a GoPro release said.
Woodman signed the Buffett-Gates pledge to give away half his wealth, and CNBC was told that he had wanted to give those funds away sooner, but the source said the decision was for administrative purposes.