What: Shares of wearable sports camera maker GoPro (NASDAQ:GPRO) dropped over 13% in intraday on Monday following a report from a news.com.au journalist that former Formula One racer Michael Schumacher's "traumatic head injuries were caused by GoPro camera mounted to his helmet when he fell in a December skiing accident."

Indeed, according to ValueWalk, experts have found that the GoPro camera might have weakened the helmet, particularly since an analysis of the helmet reportedly "revealed that it had the right material."

So what: As Seeking Alpha commenter "Jta91" pointed out, this isn't exactly news: The London Telegraph reported the investigation into whether the GoPro camera was responsible for the shattered helmet in February of this year.

In short, this doesn't seem newsworthy. 

Now what: GoPro trades for approximately 7.84 times expected revenue for the year and about 95 times expected fiscal 2015 earnings -- a very rich valuation. So it's no surprise the stock is sensitive to news flow.

The knife, interestingly enough, appears to cut both ways: The stock ran up significantly following the completely expected Hero 4 camera launch, and now it's coming back down on a piece of "news" that is unlikely to be material to the company's business performance.

Nevertheless, I'm staying on the sidelines as the market seems to have already priced in some pretty significant growth for GoPro, even following today's large drop. 

Ashraf Eassa has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.