RADNOR, Pa., March 08, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Northern District of California against Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) (“Velodyne”) on behalf of those who purchased or acquired Velodyne securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired Velodyne securities during the Class Period may, no later than May 3, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at info@ktmc.com; or click https://www.ktmc.com/velodyne-lidar-inc-securities-fraud-class-action?utm_source=PR&utm_medium=link&utm_campaign=velodyne
According to the complaint, Velodyne provides solutions to develop safe automated systems including real-time surround view lidar sensors. Velodyne became a public entity on September 29, 2020 when it merged with Graf Industrial Corp., a special purpose acquisition company.
The Class Period commences on November 9, 2020, when Velodyne filed its quarterly report on a Form 10-Q with the U.S. Securities and Exchange Commission for the period ended September 30, 2020. The report stated “[b]ased on the evaluation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q, our chief executive officer and chief financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.”
However, the truth began to be revealed on February 22, 2021, before the market opened, when Velodyne announced that its Board of Directors had “removed David Hall as Chairman of the Board and terminated Marta Hall’s employment as Chief Marketing Officer of the Company” after the Audit Committee’s investigation “concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to certain Board and Company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with [Velodyne] officers and directors.” In addition, Velodyne’s Board formally censured Mr. Hall and Ms. Hall, but they would remain directors of Velodyne.
Following this news, Velodyne’s common stock fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021. Additionally, Velodyne’s warrants fell $1.47, or approximately 20%, to close at $5.90 per warrant on February 22, 2021.