SAN DIEGO--(BUSINESS WIRE)-- Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Northern District of California on behalf of purchasers of Velodyne Lidar, Inc. (NASDAQ:VLDR; NASDAQ:VLDRW) securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”). The case is captioned Moradpour v. Velodyne Lidar, Inc., No. 21-cv-01486, and is assigned to Judge Susan Y. Illston. The Velodyne Lidar class action lawsuit charges Velodyne Lidar and certain of its executives with violations of the Securities Exchange Act of 1934.

The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Velodyne Lidar securities during the Class Period to seek appointment as lead plaintiff in the Velodyne Lidar class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Velodyne Lidar class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Velodyne Lidar class action lawsuit. An investor’s ability to share in any potential future recovery of the Velodyne Lidar class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Velodyne Lidar class action lawsuit or have questions concerning your rights regarding the Velodyne Lidar class action lawsuit, please provide your information here or contact counsel, Brian Cochran of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at bcochran@rgrdlaw.com. Lead plaintiff motions for the Velodyne Lidar class action lawsuit must be filed with the court no later than May 3, 2021.

Velodyne Lidar provides solutions to develop safe automated systems including real-time surround view lidar sensors. Velodyne Lidar became a public entity on or about September 29, 2020 when it merged with Graf Industrial Corp., a special purpose acquisition company.

The Velodyne Lidar class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) certain of Velodyne Lidar’s directors had failed to operate with respect, honesty, integrity, and candor in their dealings with Velodyne Lidar’s officers and directors; (ii) Velodyne Lidar was investigating the foregoing matters; and (iii) as a result of the foregoing, defendants’ positive statements about Velodyne Lidar’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On February 22, 2021, Velodyne Lidar announced that Velodyne Lidar’s Board had removed David Hall as Chairman of the Board and terminated Marta Hall’s employment after an Audit Committee investigation “concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to Board and Company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with Company officers and directors.” In addition, Velodyne Lidar announced that Velodyne Lidar’s Board formally censured Mr. Hall and Ms. Hall, but that they would remain directors of Velodyne Lidar. On this news, the price of Velodyne Lidar’s common stock fell approximately 15% while the price of Velodyne Lidar’s warrants fell approximately 20%, damaging investors.

Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.

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