PHILADELPHIA, March 02, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Velodyne Lidar, Inc. (“Velodyne”) (NASDAQ: VLDR) on behalf of investors who purchased shares of the Company’s securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”).
On September 29, 2020, Velodyne combined with Graf Industrial Corp., a subsidiary of a publicly traded special purpose acquisition company (“SPAC”). As a result of this business combination, Velodyne began trading as a public company on the NASDAQ on September 30, 2020.
On February 22, 2021, the Company issued a press release announcing that it had removed its founder and Chairman of the Board David Hall and its Chief Marketing Officer Marta Thoma Hall after “the completion of an investigation by the fully independent Audit Committee of the Company’s Board of Directors, which commenced in December 2020.” According to the press release, “[t]he 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.”
Following this news, shares of Velodyne’s common stock declined $4.85 per share, or 23% in value, to close on February 23, 2021 at $16.26 per share, on unusually heavy trading volume.
Velodyne investors with losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at email@example.com or online at https://kaskelalaw.com/case/velodyne-lidar-inc/, for additional information about this action and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.