Kessler Topaz Meltzer & Check, LLP Reminds Investors of Deadline for Securities Fraud Class Action Lawsuit Filed Against Velodyne Lidar, Inc.
RADNOR, Pa .– (BUSINESS WIRE) – The law firm of Kessler Topaz Meltzer & Check, LLP, announces that a class action lawsuit has been filed against Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) for securities fraud in the U.S. District Court for the Northern District of California. (“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, 2021try to be appointed as the plaintiff’s principal representative of the class. For more 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; by email to email@example.com; or click on 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 offers solutions for developing safe automated systems, including real-time lidar sensors for surround viewing. Velodyne became a public entity on September 29, 2020 when it merged with Graf Industrial Corp., a special-purpose acquisition company.
The class period begins on November 9, 2020 when Velodyne filed its quarterly report on a Form 10-Q with the United States Securities and Exchange Commission for the period ended September 30, 2020. The report says: “[b]After evaluating our disclosure controls and procedures at the end of the period covered in this Quarterly Report on Form 10-Q, our Chief Executive Officer and Chief Financial Officer determined that our disclosure controls and procedures were in effect at that time with reasonable security . ”
However, the truth emerged on February 22, 2021, before the market opened, when Velodyne announced that its board of directors had “removed David Hall as chairman and terminated Marta Hall’s tenure as the company’s chief marketing officer.” After the Audit Committee’s investigation, “concluded that Mr. Hall and Ms. Hall were each inappropriately behaving in relation to certain Board and Company processes and did not act with respect, honesty, integrity and openness [Velodyne] Officers and directors. “In addition, Velodyne’s board of directors officially reprimanded Mr. Hall and Mrs. Hall, but they would continue to be Velodyne directors.
Following the news, Velodyne’s common stock fell $ 3.14, or approximately 15%, to trade at $ 17.97 per share on February 22, 2021. Additionally, Velodyne’s warrants fell $ 1.47, or approximately 20%, to trade at $ 5.90 per warrant on February 22, 2021.
The complaint alleges that during the entire class period, defendants did not advise investors that: (1) some of Velodyne’s directors did not act with respect, honesty, integrity and openness in their dealings with Velodyne’s officers and directors ; (2) Velodyne investigated the foregoing matters; and (3) as a result of the foregoing, Defendants’ positive statements about Velodyne’s business, business, and prospects were materially misleading and / or unfounded.
Velodyne investors can, no later than May 3, 2021, attempt to be appointed lead class agent by Kessler Topaz Meltzer & Check, LLP, or other attorney, or choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the dispute. To be named lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members and that the class member is adequately representing the class. Your ability to get involved in a recovery will not be affected by whether or not you will be the lead plaintiff.
Kessler Topaz Meltzer & Check, LLP, pursues class actions in state and federal courts across the country involving securities fraud, fiduciary violations, and other violations of federal and state law. Kessler Topaz Meltzer & Check, LLP, is a driving force behind corporate governance reform and has reclaimed billions of dollars on behalf of institutional and individual investors from the US and around the world. The company represents investors, consumers and whistleblowers (individuals who report fraudulent practices against the government and are involved in recovering government dollars). The complaint in this lawsuit was not filed by Kessler Topaz Meltzer & Check, LLP. Further information on Kessler Topaz Meltzer & Check, LLP can be found at www.ktmc.com.