VLDR Long-Term Investor Alert: Did You Acquire Velodyne Before July 2, 2020? Should Management be Held Accountable for Investors Losses?

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Jul 10, 2021, 09:19 ET

SAN DIEGO, July 10, 2021 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential claims on behalf of Velodyne Lidar, Inc. ("Velodyne" or the "Company") (NASDAQ: VLDR) against certain of its officers and directors.

Recently a class action lawsuit was filed in federal court against the Company on behalf of purchasers of the securities of Velodyne from July 2, 2020 and March 17, 2021 (the "Class Period").

According to the lawsuit, defendants throughout the Class Period made false and misleading statements and failed to disclose that: (1) Velodyne's iconic founder and Chairman, David Hall ("Hall"), was battling with Velodyne executives for control of the Company; (2) Velodyne was losing major customer contracts; (3) Velodyne was not on track to achieve its stated guidance and such guidance lacked a reasonable basis in fact; (4) Velodyne's internal controls over financial reporting suffered from multiple material weaknesses; and (5) as a result of the foregoing, defendants' statements about Velodyne's business, operations, and prospects were materially misleading and lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you are a current, long-term shareholder of Velodyne Inc, holding shares before July 2, 2020, you may have standing to hold Velodyne harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.

If you are interested in learning more about the investigation, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

Additionally, if you are a current, long-term shareholder of Velodyne, holding shares before July 2, 2020, you can [Click here to join this action]. There is no cost or obligation to you.

About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.

Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]

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SOURCE Johnson Fistel, LLP