VELODYNE LIDAR SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Velodyne Lidar, Inc.- VLDR

NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 3, 2021 to file lead plaintiff applications in a securities class action lawsuit against Velodyne Lidar, Inc. (NasdaqGS: VLDR), if they purchased the Company’s securities between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”). This action is 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 this case 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 ([e-mail]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-vldr/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 3, 2021.

About the Lawsuit

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” after the Audit Committee’s investigation “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” and that the Board had formally censured Mr. Hall and Ms. Hall, but they would remain directors of Velodyne.

On this news, shares of Velodyne fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021.

The 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.