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NEW YORK, April 12, 2021 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, is investigating claims of violations of federal securities laws on behalf of investors of Velodyne Lidar (“Velodyne” or the “Company”) (NASDAQ: VLDR). If you are a shareholder of Velodyne with more than $300,000 in losses, you should contact the Firm.
On February 22, 2021, Velodyne Lidar issued a press release entitled "Velodyne Lidar Announces Changes to Board of Directors and Management Team; Names New Chairman and Chief Marketing Officer". The press release stated, in relevant part, "that Dr. Joseph B. Culkin, PhD, who has served as a member of Velodyne Lidar's Board of Directors since September 2016, has been appointed Chairman of the Board, effective immediately, succeeding David Hall" and "that Sally Frykman, Chief Communications Officer, has been appointed to the additional role of Chief Marketing Officer, effective immediately, replacing Marta Thoma Hall." The press release further stated that "[t]hese actions follow the completion of an investigation by the fully independent Audit Committee of the Company's Board of Directors, which commenced in December 2020. The investigation was aided by independent legal counsel, Keker, Van Nest & Peters LLP, and reviewed certain statements and conduct by David Hall and Marta Thoma Hall. The 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. Accordingly, the Board approved remedial actions including the removal of Mr. Hall as Chairman of the Board and the termination of Ms. Hall as an employee of the Company" and "also formally censured both Mr. Hall and Ms. Hall, and directed them both to receive appropriate remedial training."
On this news, Velodyne Lidar's stock price fell $3.14 per share, or 14.87%, to close at $17.97 per share on February 22, 2020.
If you are a shareholder of Velodyne who purchased Velodyne securities between November 9, 2020 and February 19, 2021, inclusive, you have until May 3, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. To participate, learn more, or discuss the issues surrounding the investigation, please contact our attorneys at (914) 733-7256 or via email at firstname.lastname@example.org.
Whistleblowers: Persons with non-public information regarding Velodyne should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors.
Lowey Dannenberg P.C.
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Tel: (914) 733-7256