Securities class action litigation has been filed on behalf of investors in the securities of Velodyne Lidar, Inc. (“Velodyne” or the “Company”) (NASDAQ: VLDR; VLDRW). If you purchased or otherwise acquired Velodyne securities between July 2, 2020 and March 17, 2021, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than May 3, 2021.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the action. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Velodyne investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Velodyne Securities Class Litigation
Velodyne, headquartered in San Jose, California, is a technology company that provides solutions to develop safe automated systems including real-time surround view lidar sensors. On September 29, 2020, Velodyne merged with Graf Industrial Corp., a special-purpose acquisition company, and began to trade under the symbol “VLDR.” The action alleges that, during the Class Period, defendants made false and/or misleading statements and failed to disclose to investors: (1) that certain of Velodyne’s directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company’s officers and directors; and (2) that as a result of the foregoing, Defendants’ positive statements about Velodyne’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On February 22, 2021, before the open of the market, Velodyne issued a press release revealing that the Board had “removed David Hall as Chairman of the Board and terminated Marta Hall’s employment as Chief Marketing Officer of the Company” following the conclusion of an internal investigation which found 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 Company officers and directors.” The Company also announced the formal censure of Mr. Hall and Ms. Hall, but that they would continue to remain directors of Velodyne. On this news, Velodyne’s common stock fell $3.14 per share, or approximately 15%, from its close of $21.11 on February 19, 2021, to close at $17.97 on February 22, 2021, on unusually heavy trading volume. That same day, Velodyne’s warrants fell $1.47, or approximately 20%, from their closing price of $7.37 on February 19, 2021, to close at $5.90 per warrant on February 22, 2021.
On March 17, 2021, Velodyne revealed that it had multiple material weaknesses in its internal controls over the Company’s financial reporting. The reported weaknesses involved (1) Velodyne’s “process and controls over tracking and reporting whistleblower complaints and litigation matters”; and (2) the Company’s “failure to adequately review revenue schedules associated with non-standard revenue arrangements, which resulted in misstatements of revenue and deferred revenue for the three months ended December 31, 2020.” On the same day, Velodyne disclosed that its former COO had resigned on March 14, 2021. On this news, the price of Velodyne stock dropped $0.22 per share, or 1.55%, from its close of $14.23 on March 16, 2021, to close at $14.01 per share on March 17, 201. The same day, the price of Velodyne warrants fell $0.16, or 3.38%, from their closing price of $4.74 on March 16, 2021, to close at $4.58 per warrant on March 17, 2021.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”