The Law Offices of Frank R. Cruz Announces Investigation of Velodyne Lidar, Inc. (VLDR) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Velodyne Lidar, Inc. ("Velodyne" or "the Company") (NASDAQ: VLDR) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On February 22, 2021, Velodyne announced in a press release that it was immediately replacing David Hall, the Company's founder and former Chairman of the Board of Directors, and Marta Thoma Hall, the Company's former Chief Marketing Officer. An investigation by the Audit Committee had “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.” In addition, Velodyne’s Board of Directors formally censured Mr. Hall and Ms. Hall.

On this news, Velodyne stock price fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021, thereby injuring investors.

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If you purchased Velodyne securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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