Suit alleges GoPro, officers made false claims to investors

By Robbie Hargett | Mar 5, 2016

SAN FRANCISCO (Legal Newsline) — GoPro and two of its chief officers are being sued over allegations that they made false claims to investors.

Majesty Palms LLLP, individually and for all others similarly situated, filed a class-action lawsuit on Feb. 19 in U.S. District Court for the Northern District of California against GoPro Inc., Nicholas Woodman, and Jack Lazar, alleging violations of federal securities laws.

The suit alleges that beginning in late 2014 and continuing through early 2016, the defendants concealed adverse material information about GoPro's financial well-being and prospects related to the proposed launch of the company's consumer drones.

As a result, the investing public, including the plaintiff and the putative class, purchased GoPro's securities at artificially inflated prices.

Majesty Palms and others in the class seek compensatory damages and costs of the action, including counsel fees and expert fees. They are represented by attorney Patrice L. Bishop of Stull Stull & Brody in Beverly Hills, California; and by attorneys Thomas J. McKenna and Gregory M. Egleston of Gainey McKenna & Egleston in New York.

U.S. District Court for the Northern District of California Case number 4:16-CV-00845-CW

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