NEW YORK--(BUSINESS WIRE)--Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Velodyne Lidar, Inc. ("Velodyne" or "the Company") (NASDAQ: VLDR). Investors who purchased Velodyne securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/vldr.
The investigation concerns whether Velodyne and certain of its officers and/or directors have violated federal securities laws.
On February 22, 2021, Velodyne Lidar issued a press release entitled “Velodyne Lidar Announces Changes to Board of Directors and Management Team; Names New Chairman and Chief Marketing Officer”. The press release stated, in relevant part, “that Dr. Joseph B. Culkin, PhD, who has served as a member of Velodyne Lidar’s Board of Directors since September 2016, has been appointed Chairman of the Board, effective immediately, succeeding David Hall” and “that Sally Frykman, Chief Communications Officer, has been appointed to the additional role of Chief Marketing Officer, effective immediately, replacing Marta Thoma Hall.” The press release further stated that “[t]hese actions follow the completion of an investigation by the fully independent Audit Committee of the Company’s Board of Directors, which commenced in December 2020. The investigation was aided by independent legal counsel, Keker, Van Nest & Peters LLP, and reviewed certain statements and conduct by David Hall and Marta Thoma Hall. The investigation concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to Board and Company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with Company officers and directors. Accordingly, the Board approved remedial actions including the removal of Mr. Hall as Chairman of the Board and the termination of Ms. Hall as an employee of the Company” and “also formally censured both Mr. Hall and Ms. Hall, and directed them both to receive appropriate remedial training.” On this news, Velodyne Lidar’s stock price fell sharply during intraday trading on February 22, 2021.
If you are aware of any facts relating to this investigation, or purchased Velodyne shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/vldr. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.