Kaskela Law LLC Announces Shareholder Class Action Lawsuit Filed Against Velodyne Lidar, Inc. (VLDR) and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm

PHILADELPHIA, Mar. 2, 2021 (GLOBE NEWSWIRE) – Kaskela Law LLC announces that a class action lawsuit has been filed against Velodyne Lidar, Inc. (“Velodyne”) (NASDAQ: VLDR) on behalf of investors who own shares in the company’s securities between November 9, 2020 and February 19, 2021including (the “Class Period”).

On September 29, 2020, Velodyne merged with Graf Industrial Corp., a subsidiary of a publicly traded special purpose vehicle company (“SPAC”). As a result of this business combination, Velodyne began trading as a publicly traded company on NASDAQ on September 30, 2020.

On February 22, 2021, the company released a press release announcing that it had removed its founder and chairman, David Hall, and its chief marketing officer, Marta Thoma Hall, following an investigation by the company’s fully independent audit committee serving on the board of directors December 2020 started. “The press release says:”[t]The investigation found that Mr. Hall and Ms. Hall have behaved inappropriately with respect to the processes of the Board of Directors and the company and that they did not behave with respect, honesty, integrity and openness in their dealings with officers and directors of the company. “

Following the news, Velodyne common stock fell $ 4.85 per share, or 23%, to close at $ 16.26 per share on February 23, 2021 with unusually high trading volume.

Velodyne investors with losses in excess of $ 100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) At (484) 258-1585 or email at (484) 258-1585 skaskela@kaskelalaw.com or online at https://kaskelalaw.com/case/velodyne-lidar-inc/, for additional information about this promotion and your statutory rights and options.

Kaskela Law LLC represents investors in the areas of securities fraud, corporate governance, and merger and acquisition disputes. For more information about Kaskela Law LLC, please visit www.kaskelalaw.com.

CONTACT:

D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258-1585
(888) 715-1740
www.kaskelalaw.com
skaskela@kaskelalaw.com

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