GoPro Snags Rare Early Dismissal Of Calif. Investor Suit

By Carmen Germaine (July 25, 2016, 8:17 PM EDT) -- A California state court has granted a rare dismissal of shareholder claims against GoPro Inc., tossing allegations the camera maker and its executives sought to mislead investors in its 2014 initial public offering.

California Superior Court Judge Marie S. Weiner sustained demurrers to the investor complaint, dismissing charges GoPro and its IPO underwriters misled investors by concealing that Apple Inc. was already developing cameras and other products to compete with GoPro. The demurrer, which granted the investors leave to amend their complaint, may be the first demurrer granted to a suit brought under Section 11 of the Securities Act of 1933...

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