Polaroid sues GoPro, claiming patent infringement

Polaroid parent sues GoPro
Polaroid parent sues GoPro

The company with exclusive rights to Polaroid's instant and action products filed a patent-infringement lawsuit Tuesday against GoPro, claiming the new cube-shaped Hero4 Session is a ripoff of the Polaroid Cube, CNBC has learned.

GoPro's stock was down more than 2 percent an hour after the lawsuit was filed.

The Hero4 Session launched last July, 18 months after the Polaroid Cube.

According to the complaint, Ridgefield, New Jersey-based C&A Marketing is seeking an order awarding C&A Marketing all of GoPro's profits from sales, plus interest and attorney fees.

In response to the allegations, a GoPro representative told CNBC the company's timeline of patents proves that it was working on the Hero4 Session long before a competitive product was unveiled. The representative also said EU patents for the Hero4 were issued in March and that the company is still awaiting a U.S. patent that it sought last year.

The lawsuit, filed in U.S. District Court in New Jersey, comes at a challenging moment for GoPro. The company's third-quarter earnings last week came in below expectations, as the company saw unusually slow sales over the summer, and a weak launch for the Hero4 Session. After the company dropped the price 25 percent to $299, sales picked up.

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GoPro's guidance for holiday-quarter camera shipments also came in lighter than analysts expected, sending the stock down about 16 percent after the report.

GoPro shares have fallen 67 percent in the past 12 months.

— CNBC's Josh Lipton contributed to this report.

Correction: This story was updated to correct that C&A Marketing has exclusive rights to Polaroid's instant and action products.