Kirby McInerney LLP | Financial Litigation Law Firm | <span >Velodyne Lidar, Inc.</span >
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Velodyne Lidar, Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Velodyne Lidar, Inc.(“Velodyne Lidar” or the “Company”) (NASDAQ: VLDR) securities from November 9, 2020 through February 19, 2021, inclusive (the “Class Period”). Investors have until May 3, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

On February 22, 2021, Velodyne announced 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" after the Audit Committee's investigation "concluded 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." In addition, the Company announced that Velodyne's Board formally censured Mr. Hall and Ms. Hall, but that they would remain directors of Velodyne. On this news, Velodyne's common stock fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021, on unusually heavy trading volume. Additionally, Velodynes warrants fell $1.47, or approximately 20%, to close at $5.90 per warrant on February 22, 2021.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (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; (2) that the Company was investigating the foregoing matters; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.


If you purchased or otherwise acquired Velodyne Lidar securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.  

Velodyne Lidar, Inc. Investor Contact Form