An admittedly brief review of the news articles about this event seem to contradict that. The author of this article interpreted the drop that way in order to better make their case, because...well...they have no case.
Below I have listed a few articles from the front page of Google results for this subject. Not a single article that I could find mentions investor worries that the donation was driven by the CEO's lack of confidence in the company. Rather, investors were upset because JP Morgan allowed these shares to be released from a lockup agreement with virtually no advance notice to shareholders. They were worried that the shares could potentially be sold by the charity almost immediately, which would have flooded the market with insider shares far earlier than investors expected.
https://www.inc.com/associated-press/gopro-shares-fall-as-ce...
https://money.cnn.com/2014/10/02/investing/gopro-charity-sha...
http://fortune.com/2014/10/02/gopro-shares-woodman-charity-l...
https://www.wsj.com/articles/gopro-ceos-foundation-doesnt-in...