Robbins Geller Rudman & Dowd LLP Announces Lead Plaintiff Deadline in the Velodyne Lidar, Inc. Class Action Lawsuit
Robbins Geller Rudman & Dowd LLP (https://www.rgrdlaw.com/cases-velodyne-lidar-inc-class-action-lawsuit. ...) announces that purchasers of Velodyne Lidar, Inc. f/k/a Graf Industrial Corp. (NASDAQ:VLDR; NASDAQ:VLDRW; NYSE:GRAF; NSYE:GRAFW and NYSE:GRAFU) (“Velodyne” or the “Company”) securities between July 2, 2020 and March 17, 2021 (the “Class Period”) have until May 1, 2021 to seek appointment as lead plaintiff in the Velodyne class action lawsuit, Nick v. Velodyne Lidar, Inc. f/k/a Graf Industrial Corp., No. 21-cv-01950, which is assigned to Susan Y. Illston.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Velodyne securities during the Class Period to seek appointment as lead plaintiff in the Velodyne 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 class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Velodyne class action lawsuit. An investor’s ability to share in any potential future recovery of the Velodyne class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff in the Velodyne class action lawsuit, you must move the Court no later than 60 days from March 2, 2021. If you wish to discuss the Velodyne class action lawsuit or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Brian E. Cochran of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. You can view a copy of the complaint as filed at https://www.rgrdlaw.com/cases-velodyne-lidar-inc-class-action-lawsuit. ....
The Velodyne class action lawsuit charges Velodyne and certain of its executives with violations of the Securities Exchange Act of 1934. Velodyne is a purveyor of lidar solutions for autonomous vehicles, driver assistance, delivery, robotics, navigation, mapping, and other uses.
The Velodyne class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) Velodyne’s iconic founder and Chairman, David Hall (“Hall”), was battling with Velodyne executives for control of the Company; (ii) Velodyne was losing major customer contracts; (iii) Velodyne was not on track to achieve its stated guidance and such guidance lacked a reasonable basis in fact; and (iv) Velodyne’s internal controls over financial reporting suffered from multiple material weaknesses.
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