Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Action Against Velodyne Lidar, Inc. (VLDR; VLDRW) and May 3 Deadline

NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Velodyne Lidar, Inc. (“Velodyne” or the “Company”) (NASDAQ: VLDR; VLDRW) and certain of its officers, alleging violations of federal securities laws. If you purchased Velodyne common stock or warrants between November 9, 2020 and February 19, 2021, inclusive (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Joe Pettigrew for additional information at [phone] or [e-mail].

Velodyne provides solutions to develop safe automated systems including real-time surround view lidar sensors.

The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose: (1) that certain of Velodyne's directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company's officers and directors; (2) that the Company was investigating the foregoing matters; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

From January 13, 2020 to February 18, 2021, despite Velodyne’s prior statements touting the effectiveness of its disclosure controls and procedures, the Company either removed directors, officers, and board members from their positions or saw them voluntarily resign. On February 22, 2021, after the removals and departures took place, the Company stated that Chairman of the Board, David Hall, and Chief Marketing Officer, Marta Hall, “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, the price of Velodyne’s common stock fell $3.14, or 14.8%, to close at $17.97 per share on February 22, 2021. Additionally, the price of Velodyne warrants fell $1.47, or 19.9%, to close at $5.90 per warrant on February 22, 2021.

What You Can Do

If you purchased Velodyne common stock or warrants between November 9, 2020 and February 19, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at [phone] or [e-mail]. The lead plaintiff deadline is May 3, 2021.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.

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