Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Velodyne Lidar, Inc. who purchased shares between July 2, 2020 and March 17, 2021.
Velodyne and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 22, 2021, the Company disclosed 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” and that the Board had formally censured Mr. Hall and Ms. Hall, but they would remain directors of Velodyne.
On this news, shares of Velodyne fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until May 3, 2021 to request that the court appoint them lead plaintiff.