Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until May 3, 2021 to file lead plaintiff applications in securities class action lawsuits against Velodyne Lidar, Inc. (NasdaqGS: VLDR), if they purchased the Company’s securities between July 2, 2020 and March 17, 2021, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased securities of Velodyne and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-vldr/ to learn more. If you wish to serve as a lead plaintiff in the class actions, you must petition the Courts by May 3, 2021.
About the Lawsuits
Velodyne and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. On February 22, 2021, the Company disclosed 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” based on its investigation that “concluded 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.” On this news, shares of Velodyne fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021.
On March 17, 2021, the Company disclosed that it was suffering from multiple material weaknesses in its internal controls over financial reporting, including weaknesses related to: (a) its processes and controls over tracking and reporting whistleblower complaints and litigation matters; and (b) its 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, as well as the resignation of its former COO. On this news, the price of Velodyne stock and warrants fell 13% and 17%, respectively, over three trading days.
The first-filed case is Moradpour v. Velodyne Lidar, Inc., et al., 21-cv-1486.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Lewis Kahn, Managing Partner