RADNOR, Pa., March 12, 2021 (GLOBE NEWSWIRE) – 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 Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) (“Velodyne”) on behalf of those who have bought or acquired Velodyne securities between November 9, 2020 and February 19, 2021including (the “Class Period”).
Lead plaintiff deadline: May 3, 2021
On February 22, 2021, before the market opened, 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 was that Mr. Hall and Ms. Hall were each behaving inappropriately with respect to certain board and company processes and did not act with respect, honesty, integrity and openness in their dealings with [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.
Velodyne investors can, no later than May 3, 2021, attempt to be appointed as the class lead plaintiff 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 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)