NEW YORK, Nov 17, 2016 (GLOBE NEWSWIRE via COMTEX) —

Pomerantz LLP announces that a class action lawsuit has been filed against GoPro, Inc. (“GoPro” or the “Company”)












GPRO, -2.37%










and certain of its officers. The class action, filed in United States District Court, Northern District of California, and docketed under 16-cv-06654, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired GoPro between September 19, 2016 and November 4, 2016, both dates inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased GoPro during the Class Period, you have until January 17, 2017 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. 

[Click here to join this class action]

GoPro develops and sells mountable and wearable cameras and accessories in the United States and internationally. The Company’s cameras are designed primarily for filming while immersed in action, such as outdoor or extreme sports. On October 23, 2016, following months of delays, GoPro released the Karma drone, a compact, foldable drone designed for aerial photography using GoPro’s cameras. 

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) GoPro’s Karma drones were prone to losing power midflight, causing them to fall out of the sky; (ii) the Company had thus significantly overstated the utility of and likely customer demand for the Karma drone; (iii) the foregoing issue, when publicly known, would necessitate a costly recall of the Company’s Karma drones; and (iv) as a result, GoPro’s public statements were materially false and misleading at all relevant times.

On November 3, 2016, shortly before the market closed, GoPro issued a press release and filed a Current Report on Form 8-K with the SEC announcing the Company’s financial and operating results for the quarter ended September 30, 2016 (the “Q3 2016 8-K”). Among other information, the Q3 2016 8-K provided revenue guidance for 2016 in the range of $1.25 billion and $1.3 billion–a significant decrease from the revenue guidance of $1.35 billion and $1.5 billion that the Company had provided in reporting its financial and operating results for the previous quarter, and consistent with an anticipated recall of the Company’s Karma drone.

On this news, GoPro’s share price fell $0.90, or 7.01%, to close at $11.94 on November 3, 2016, and fell an additional $0.78, or 6.53%, to close at $11.16 on November 4, 2016.

On November 8, 2016, post-market, GoPro announced the recall of the approximately 2,500 Karma drones purchased by consumers since the product’s release, advising that the Company had discovered that Karma units were prone to losing power during operation.

On this news, GoPro’s share price fell $0.45, or 4.14%, to close at $10.41 on November 9, 2016.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

 CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 

Copyright (C) 2016 GlobeNewswire, Inc. All rights reserved.

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WASHINGTON – As Chinese investment in the United States keeps setting records, congressional advisers suggest changing U.S. law so Chinese state-owned companies can be barred from buying or gaining control of American businesses.

The concern is that such enterprises could use technology, intelligence and market power “in the service of the Chinese state,” the U.S.-China Economic and Security Review Commission said Wednesday in its annual report. The commission noted, for example, a growth in Chinese attempts to buy U.S. assets in the semi-conductor industry.

The recommendation stemming from the security implications about foreign investment by the world’s No. 2 economy was one of several proposals in the report, which examines a range of issues in the relationship between the powers.

Chinese investment in the U.S. reached a record $15 billion in 2015 and could climb to $30 billion in 2016. About one-quarter of that investment is from state-owned companies.

“We don’t want the U.S. government owning large chunks of the U.S. economy, so why do we want the Chinese Communist Party owning large chunks of the U.S. economy?” said Dennis Shea, the Republican-appointed chairman of the bipartisan commission.

“These state-owned enterprises are arms of the Chinese state and Communist Party. Often they do not act purely on commercial or market basis, they have strategic considerations,” he said.

The report urges Congress to amend the statute authorizing the Committee on Foreign Investment in the United States, known as CFIUS, to prohibit Chinese state-owned enterprises “from acquiring or otherwise gaining effective control of U.S. companies.”

That committee reviews foreign acquisitions for threats to U.S. national security.

A February report by the Rhodium Group, a research organization that tracks Chinese investment in the U.S., said that for the past three years, China was the country with the most transactions scrutinized by the committee. Rhodium said that was not due to increased scrutiny of China, but rather reflected an increase in the volume of foreign investment from China and a shift in its interest toward technology acquisitions.

“The vast majority of Chinese overtures continue to pass CFIUS reviews without any problems,” researchers said. According to Rhodium, annual investment flows from China to the U.S. have exceeded American investment flows into China since 2015.

China has long complained that Washington’s security review process for investments in the U.S. unfairly targets Chinese investors.

Carolyn Bartholomew, the Democratic-appointed vice chairman of the review commission, said that while China restricts foreign investment with laws banning foreign participation in large swaths of its economy, Chinese companies face no such obstacles in the U.S.

“People need to take a harder look at what companies are investing in the United States, why they are investing in the United States,” she said. “We just think that people are not paying enough attention to this.”

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The federal board tasked with overseeing a major financial overhaul in Puerto Rico has held interviews with a handful of candidates for its counsel from a wide list of applicants, people familiar with the talks said on Tuesday.

The board has interviewed candidates including Chadbourne & Parke LLP, Proskauer Rose LLP, Morrison & Foerster LLP, Sidley Austin LLP and O’Melveny & Myers LLP, the people said.

A full list of law firms that the board has interviewed could not be immediately determined, and it is possible the board hires a law firm not identified by Reuters.

The chosen law firm will advise the board as it seeks to help Puerto Rico right its economic ship after a decade of contraction. The commonwealth is facing $70 billion in bond debt, $45 billion in pension debt and a shrinking population,

Created under the federal Puerto Rico rescue law known as PROMESA, the seven-member, bipartisan board will oversee debt restructuring talks with the U.S. territory’s bondholders and must sign off on annual budgets.

The board last month asked law firms and strategic consultants to submit applications for the job.

The people asked not to be named because the talks are confidential. O’Melveny declined to comment. The other law firms did not immediately return requests for comment.

Morrison & Foerster recently represented Puerto Rico creditors, and Proskauer previously advised Puerto Rico on a local debt restructuring law that was later invalidated by the U.S. Supreme Court.

The board is controversial in Puerto Rico. Some locals see it as a necessary answer to financial mismanagement by the island’s government, but many others revile it as an extension of U.S. imperial control.

The board’s first public meeting, held Sept. 30 in New York, featured heavy protests, as well as hecklers who interrupted the meeting, calling the board’s presence akin to “slavery.”

Island leaders have committed to working with the board, which will hold its next meeting on Friday in Fajardo, Puerto Rico.

(Reporting by Nick Brown and Jessica DiNapoli in New York; Editing by Leslie Adler)

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NEW DELHI: Government has provisionally empanelled 11 firms including Microsoft, IBM, state-owned BSNL and Tata Communications to provide cloud services, Parliament was informed today.

“Government has selected 11 companies for the provisional empanelment of Cloud Service Offerings of Cloud Service Providers,” Minister of State for IT and Law PP Chaudhary said in Lok Sabha.

He said the firms are: Microsoft Corporation (India), Hewlett Packard Enterprise India, IBM India, Tata Communications Limited, BSNL, ESDS Software Solutions, Net Magic IT Services, Sify Technologies, CtrlS Data Centers, Cyfuture India and Web Works India.

Under cloud services, companies provide storage, softwares, computing capability through remote location generally on pay as per use model.

Government has been earlier using cloud services from National Informatics Centre and also set-up a cloud project MeghRaj under it to meet its computing requirement.

“BSNL is also one of the empanelled Cloud Service Providers. However, it is not proposed to give any preference to any Cloud Service Provider including BSNL,” Chaudhary said.

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ONE of Yorkshire’s oldest law firms is set to join forces with a major Scottish law firm to help increase its market share.

The partners of law firms Addleshaw Goddard and HBJ Gateley yesterday confirmed they were exploring the potential benefits of a combination.

In a joint statement, the two firms said the proposed deal was driven “by a desire to improve client and sector offerings”.

HBJ Gateley is a Scottish law firm with offices in Aberdeen, Edinburgh and Glasgow, while Addleshaw Goddard has offices in London, Leeds, Manchester, Dubai, Doha, Muscat, Hong Kong and Singapore. The transaction is subject to approval by both partnerships, who are expected to make a decision over the coming weeks.

The law firms said that the combination would deliver legal coverage across Britain, with offices based in the UK’s regional financial centres. The combined firm will also have a growing presence in Asia.

John Joyce, the managing partner of Addleshaw Goddard, said: “A combination would deliver on both firms’ aspirations for improved client and sector offerings across the whole of Great Britain.

“We are culturally aligned and bringing both businesses together will enhance each firm’s bench strength, give greater flexibility and provide a more robust platform from which to establish stronger market positions across core practice areas and in the financial services and real estate sectors in particular.”

Malcolm McPherson, the senior partner, at HBJ Gateley, said: “There is a clear and compelling rationale behind this proposal. Clients are increasingly demanding true strength in depth across a range of core specialist disciplines and our exploratory talks progressed very quickly as the complementary nature of our teams and geographical presence became apparent.

“A strong cultural fit is at the heart of all successful legal deals and both firms share a pragmatic, commercial approach to client service. Given the partner voting process, we’re taking nothing for granted but are quietly excited about the potential for creating something rather special, given our strongly aligned sector focus and specific critical mass in financial services and real estate.”

The business, staff and partners of HBJ Gateley will transfer to Addleshaw Goddard if the deal is approved by both partnerships.

The combined firm would have 11 offices, and more than 1,100 lawyers in total, and a combined fee income of around £224m. It would rank as the 15th largest law firm in the UK in terms of income.

The statement added: “Neither firm will comment further until discussions conclude.”

Addleshaw Goddard, which has around 400 staff in Leeds, can trace its Leeds’ roots back to the 18th century, when Booth & Co was founded. In 1997, Addleshaw Sons & Latham merged with Booth & Co to become Addleshaw Booth & Co. Six years later, Addleshaw Booth & Co joined forces with Theodore Goddard to become Addleshaw Goddard.

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Dickinson Wright PLLC is pleased to announce that Attorney James Spica has been appointed by the Legislative Council of the State of Michigan to the State’s delegation to the National Conference of Commissioners on Uniform State Laws.

DETROIT, Mich. (PRWEB) November 14, 2016

Dickinson Wright PLLC is pleased to announce that Attorney James Spica has been appointed by the Legislative Council of the State of Michigan to the State’s delegation to the National Conference of Commissioners on Uniform State Laws (also known as the Uniform Law Commission (ULC)).

By statute, the bipartisan, bicameral Legislative Council elects three members to the Michigan Commission on Uniform State Laws, the Commission that constitutes the Michigan ULC delegation. In addition to the three Council-appointed commissioners, the Michigan delegation comprises two legislators appointed by the Senate Majority Leader, two legislators appointed by the Speaker of the House, the director of the Legislative Service Bureau (or the director’s designee), and any Michigan commissioner recognized as a Life Member by the ULC. The vacancy Mr. Spica’s appointment fills was created at the ULC’s 2016 Annual Meeting when Professor James J. White of the University of Michigan Law School was elected a Life Member in recognition of twenty years of distinguished service to the ULC.

Mr. Spica is a Member in Dickinson Wright’s Detroit office. He specializes in trust law and trust banking. He is the principal author of the Michigan Personal Property Trust Perpetuities Act of 2008 and of the multi-statute Michigan “trust decanting” regime enacted in 2012. He is currently the American Bar Association (ABA) Advisor to the ULC’s Directed Trust Drafting Committee and served on the ad hoc committee of the ABA Real Property, Trust and Estate Law Section that drafted the Section’s response to the Treasury Department’s request (IRS Notice 2011-101) for comments on the tax implications of trust decanting. He is a Fellow of the American Bar Foundation, a Fellow of the American College of Trust and Estate Counsel (ACTEC), a member of the ACTEC State Laws Committee, a past member of the Council of the Probate and Estate Planning Section of the State Bar of Michigan (2006-2015), and a current member of the Probate and Estate Planning Advisory Board of the Michigan Institute of Continuing Legal Education. He clerked for the Honorable Richard C. Wilbur on the United States Tax Court (1985) and taught jurisprudence, taxation, trusts, and decedents’ estates as an Assistant/Associate Professor of Law at the University of Detroit Mercy (1989-2000, tenured 1996). His most recent article is “Rights and Rites: Understanding the Fiduciary Obligations of Designated Funeral Representatives,” 62 Wayne L. Rev. (forthcoming Winter 2017).

As a Michigan commissioner, Mr. Spica will meet and confer with commissioners from other states to draft and promote the enactment of uniform and model acts in areas of law in which uniformity among the states is particularly desirable. Since its inception in 1892, the ULC has been responsible for more than 200 acts, among them the widely adopted (and therefore highly influential) Uniform Commercial Code, Uniform Probate Code, Uniform Trust Code, and Uniform Partnership Act. To date, Michigan has adopted more than 113 uniform laws, beginning with the Uniform Acknowledgements Act in 1895. Bills currently before the Michigan legislature propose the adoption or amendment of five different uniform acts, including the Uniform Interstate Family Support Act and the Uniform Fiduciary Access to Digital Assets Act.

The Uniform Law Commission’s History

On August 24, 1892, representatives from seven states—Delaware, Georgia, Massachusetts, Michigan, New York, New Jersey, and Pennsylvania—met in Saratoga Springs, New York, to form what is now known as the ULC. By 1912, every state was participating in the ULC, and the District of Columbia, Puerto Rico, and the U.S. Virgin Islands also participate. There have been 125 Annual Conferences since 1892, convening at least once every year since the national organization’s founding, with the exception of 1945. Over the course of its history, the ULC has become known as a distinguished body of lawyers. Its members include judges, academics, practitioners, and legislators. President Woodrow Wilson became a member in 1901, and several Justices of the United States Supreme Court, including former Justices Brandeis, Rutledge, and Souter and former Chief Justice Rehnquist, have served as commissioners. Many legal scholars have also served, including Professors John H. Wigmore, Samuel Williston, Roscoe Pound, and George G. Bogert. To learn more about the ULC, please click here.

About Dickinson Wright PLLC

Dickinson Wright PLLC is a general practice business law firm with more than 425 attorneys among more than 40 practice areas and 16 industry groups. Headquartered in Detroit and founded in 1878, the firm has seventeen offices, including six in Michigan (Detroit, Troy, Ann Arbor, Lansing, Grand Rapids, and Saginaw) and ten other domestic offices in Austin, Texas; Columbus, Ohio; Ft. Lauderdale, Fla.; Lexington, Ky.; Nashville and Music Row, Tenn.; Las Vegas and Reno, Nev.; Phoenix, Ariz.; and Washington, D.C. The firm’s Canada office is located in Toronto.

Dickinson Wright offers clients a distinctive combination of superb client service, exceptional quality, value for fees, industry expertise and business acumen. As one of the few law firms with ISO/IEC 27001:2013 certification, Dickinson Wright has built state-of-the-art, independently-verified risk management controls and security processes for our commercial transactions. Dickinson Wright lawyers are known for delivering commercially-oriented advice on sophisticated transactions and have a remarkable record of wins in high-stakes litigation. Dickinson Wright lawyers are regularly cited for their expertise and experience by Chambers, Best Lawyers, Super Lawyers, and other leading independent law firm evaluating organizations.

For the original version on PRWeb visit: http://www.prweb.com/releases/2016/DWJamesSpicaULC/prweb13841826.htm

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Kandace Donovan will bring strategic sales and leadership expertise to drive Elegrity’s continued and accelerated growth.

San Francisco, CA (PRWEB) November 14, 2016

Elegrity is proud to announce that it has added Kandace Donovan to the Executive Team as Vice President of Sales and Marketing. Kandace brings more than 20 years of industry experience in legal technology business development and account management.

“It was really a question of when, not if, we added Kandace to our team. Kandace is truly aligned with Elegrity’s business strategies and core values. She understands the importance of partnering with our clients to provide them with the best possible solutions to their business needs. Her twenty years of legal industry experience compliment over a decade of experience that we already have in the realm of law firm business processes,” states Joy E. Spicer, Elegrity’s President and CEO.

Prior to joining the Elegrity team, Kandace worked for The Frayman Group as Senior Vice President and General Manager. Before that she was a founding member of LegalKEY Technologies and served in key leadership and sales positions. Kandace specializes in helping companies grow through highlighting their key differentiators in the delivery and implementation of law firm business process management software.

“I am extremely excited to join Elegrity in this key role,” said Ms. Donovan. “Elegrity’s reputation for high integrity with servicing their customers, coupled with elegant solutions that are built to evolve, was of crucial importance to my decision to join their team.”

“Elegrity’s services and products are proven in multiple law firms, including some of the largest in the world. And now we are at a pivotal point for accelerated growth and Kandace will no doubt be key to making this a successful journey,” concludes Ms. Spicer.

Elegrity is the innovation leader in providing software and solutions for the business of running a law firm. Elegrity’s top selling Elegrity Connect™ suite of products target Cradle-to-Grave® Client and Matter Management, Conflicts of Interest, Client/Prospect Intelligence, and Experience Management.

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Copyright 2016-2017 Elegrity, Inc. All Rights Reserved. 160 Pine Street, San Francisco, CA. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

For the original version on PRWeb visit: http://www.prweb.com/releases/2016/11/prweb13845455.htm

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