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NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a federal securities 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”).
All investors who purchased shares of Velodyne Lidar, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Velodyne Lidar, Inc., you may, no later than today, May 3, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Velodyne Lidar, Inc.
CLICK HERE TO JOIN CASE
According to the filed complaint, Velodyne provides solutions to develop safe automated systems including real-time surround view lidar sensors. Velodyne became a publicly traded entity on September 29, 2020 when it merged with Graf Industrial Corp., a special purpose acquisition company (“SPAC”).
The Class Period in the filed complaint commences on November 9, 2020, when Velodyne filed its quarterly report on a Form 10-Q with the U.S. Securities and Exchange Commission (“SEC”) 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.”
On February 22, 2021, before the stock opened for trading, 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.” Though Velodyne’s Board formally censured Mr. Hall and Ms. Hall, they would be allowed to 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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