Kessler Topaz Meltzer & Check, LLP Reminds Investors of Securities Fraud Class Action Lawsuit Filed Against Velodyne Lidar, Inc.
Radnor, Pennsylvania – (Newsfile Corp. – March 11, 2021) – Law firm Kessler Topaz Meltzer & Check, LLP announces that a class action lawsuit for securities fraud has been filed in the U.S. District Court for the Northern District of California against Velodyne Lidar, Inc. (NASDAQ: VLDR) (NASDAQ: 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 apply for appointment as Plaintiff’s Primary Agent for the Class no later than May 3, 2021. 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
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.[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 point in time, as appropriate Security level. “
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 of the board and ended Marta Hall’s tenure as the company’s chief marketing officer.” Following 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 were not acting 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 remain Velodyne directors.
The story goes on
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.
Velodyne investors can attempt to be appointed as the class lead plaintiff no later than May 3, 2021 through Kessler Topaz Meltzer & Check, LLP, or other attorney, or they can 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 those 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. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro Jr., Esq.
Adrienne Bell, Esq.
280 Street of the King of Prussia
Radnor, PA 19087
(844) 887-9500 (toll free)
The source version of this press release can be found at https://www.newsfilecorp.com/release/76952