• April 15, 2021

VELODYNE INVESTORS: May 3, 2021 Filing Deadline in Class Action – Contact Lieff Cabraser - Odessa American: Business

e-Edition Subscribe

VELODYNE INVESTORS: May 3, 2021 Filing Deadline in Class Action – Contact Lieff Cabraser

Print
Font Size:
Default font size
Larger font size

Posted: Tuesday, March 23, 2021 8:01 am | Updated: 8:33 am, Tue Mar 23, 2021.

SAN FRANCISCO--(BUSINESS WIRE)--Mar 23, 2021--

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Velodyne Lidar, Inc. (“Velodyne” or the “Company”) (NASDAQ: VLDR; VLDRW) between July 2, 2020 and March 17, 2021, inclusive (the “Class Period”).

If you purchased or otherwise acquired Velodyne securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 3, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Velodyne investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.

Background on the Velodyne Securities Class Litigation

Velodyne, headquartered in San Jose, California, is a technology company that provides solutions to develop safe automated systems including real-time surround view lidar sensors. On September 29, 2020, Velodyne merged with Graf Industrial Corp., a special-purpose acquisition company, and began to trade under the symbol “VLDR.” The action alleges that, during the Class Period, defendants made false and/or misleading statements and failed to disclose to investors: (1) that certain of Velodyne’s directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company’s officers and directors; and (2) that as a result of the foregoing, Defendants’ positive statements about Velodyne’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On February 22, 2021, before the open of the market, Velodyne issued a press release revealing 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” following the conclusion of an internal investigation which found 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.” The Company also announced the formal censure of Mr. Hall and Ms. Hall, but that they would continue to remain directors of Velodyne. On this news, Velodyne’s common stock fell $3.14 per share, or approximately 15%, from its close of $21.11 on February 19, 2021, to close at $17.97 on February 22, 2021, on unusually heavy trading volume. That same day, Velodyne’s warrants fell $1.47, or approximately 20%, from their closing price of $7.37 on February 19, 2021, to close at $5.90 per warrant on February 22, 2021.

On March 17, 2021, Velodyne revealed that it had multiple material weaknesses in its internal controls over the Company’s financial reporting. The reported weaknesses involved (1) Velodyne’s “process and controls over tracking and reporting whistleblower complaints and litigation matters”; and (2) the Company’s “failure to adequately review revenue schedules associated with non-standard revenue arrangements, which resulted in misstatements of revenue and deferred revenue for the three months ended December 31, 2020.” On the same day, Velodyne disclosed that its former COO had resigned on March 14, 2021. On this news, the price of Velodyne stock dropped $0.22 per share, or 1.55%, from its close of $14.23 on March 16, 2021, to close at $14.01 per share on March 17, 201. The same day, the price of Velodyne warrants fell $0.16, or 3.38%, from their closing price of $4.74 on March 16, 2021, to close at $4.58 per warrant on March 17, 2021.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.

The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”

For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com/.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210323005308/en/

CONTACT: Source/Contact for Media Inquiries Only

Sharon M. Lee

Lieff Cabraser Heimann & Bernstein, LLP

Telephone: 1-800-541-7358

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Lieff Cabraser Heimann & Bernstein, LLP

Copyright Business Wire 2021.

PUB: 03/23/2021 09:00 AM/DISC: 03/23/2021 09:01 AM

http://www.businesswire.com/news/home/20210323005308/en

© 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Fog
50°
Humidity: 94%
Winds: ENE at 11mph
Feels Like: 46°

Your Extended Forecast

Today

weather
High 65°/Low 59°
Cloudy. Highs in the mid 60s and lows in the upper 50s.

Tomorrow

weather
High 77°/Low 41°
Considerable cloudiness. Highs in the upper 70s and lows in the low 40s.

saturday

weather
High 55°/Low 39°
Mostly cloudy. Highs in the mid 50s and lows in the upper 30s.

sunday

weather
High 60°/Low 41°
Partly cloudy. Highs in the low 60s and lows in the low 40s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7314 to sign up today.