Owners are alleging the Chevrolet Corvette Z06 goes into "limp mode" after only about 15 minutes of track driving.

The lawsuit is a bit similar to what Ford Shelby GT350 owners are suing Ford over, with Corvette Z06 owners saying General Motors knowingly sells allegedly defective Z06 models that, "while marketed as having track-proven structure and technologies, cannot actually be operated safely on a racetrack and enter a performance-limited limp mode while tracked, even on public roadways."

Owners have reported vehicles would overheat and often enter limp mode only after about 15 minutes of track driving, due to a defective cooling system. When the vehicle enters limp mode, its power and speed are drastically reduced, according to the complaint.

The lawsuit was filed in the U.S. District Court for the Southern District of Florida.

"We believe we've found GM to be guilty of a classic bait and switch - one that cost thousands of consumers dearly, up to $120,000, and broke state consumer protection laws," said Steve Berman, managing partner of Hagens Berman. "The defect in question markedly limits the car's performance - the sole reason these hotrod enthusiasts bought the Corvette Z06 in the first place. If they'd known of this defect at the time of purchase, they likely wouldn't have spent six figures on the Z06."