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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Velodyne Lidar, Inc. (VLDR)

Gainey McKenna & Egleston
·2-min read

NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Velodyne Lidar, Inc. (“Velodyne”) (NASDAQ: VLDR) in the United States District Court for the Northern District of California on behalf of those who purchased or acquired the securities of Velodyne between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”). The lawsuit seeks to recover damages for investors under the federal securities laws.

The Company develops and produces lidar (light detection and ranging) sensors that are used for measuring distances (ranging) by illuminating a target with laser light and measuring the time the reflection of the light takes to return to the sensor. The Company’s lidar sensors are used in industrial, 3D mapping, drones, and auto applications in North America, the Asia Pacific, Europe, the Middle East, and Africa.

On February 22, 2021, the Company issued a press release announcing that David Hall, the Company’s founder, has been removed from his role as Chairman of the Board, and that Marketing Chief, Marta Thoma Hall, who is married to David Hall, has also been removed from her role. The Company stated that the moves followed an investigation initiated by the board of directors’ Audit Committee in December 2020, which found that the Halls “failed to operate with respect, honesty, integrity, and candor” in their dealings with officers and directors of the company. Following this news, the Company’s stock price fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021

Investors who purchased or otherwise acquired shares of Velodyne during the Class Period should contact the Firm prior to the May 3, 2021 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.