RADNOR, Pa., March 12, 2021 (GLOBE NEWSWIRE) – Kessler Topaz law firm Meltzer & Check, LLP has announced that a securities fraud class action lawsuit has been filed in the U.S. District Court for District A Northern California v Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) (“Velodyne”) on behalf of those who purchased or acquired Velodyne securities between November 9, 2020 and February 19, 2021, inclusive (the “class time”).
Date for main complaint: May 3, 2021
On February 22, 2021, prior to the opening of the market, Velodyne announced that their Board of Directors had “removed David Hall as Chairman of the Board and terminated the appointment of Marta Hall as Chief Executive Officer. Marketing of the Company ”following the Audit Committee’s investigation” concluded that Mr. Hall and Ms Hall were each behaving inappropriately in relation to certain of the Board’s and the Company’s processes, and did not work with dignity, honesty, integrity and integrity in their dealings [Velodyne] officers and leaders. In addition, Mr Hall and Ms Hall were formally fined by the Velodyne Board, but would be Velodyne’s directors.
Following this news, Velodyne common stock fell $ 3.14, or about 15%, to close at $ 17.97 per share on February 22, 2021. In addition, Velodyne’s warranty fell $ 1.47, or about 20%, to closes at $ 5.90 per warranty on February 22, 2021.
Velodyne investors can, no later than May 3, 2021, try to be appointed as the plaintiff ‘s lead class representative through Kessler Topaz Meltzer & Check, LLP or other advisor, or they can choose to do nothing and remain an absent member of the class. A master planner is a representative party that acts on behalf of class members in enforcing the law. In order to be named as the lead planner, the Court must confirm that the class member’s application is standard in the applications of the other class members, and that the class member will appropriately represent the class. The decision as to whether or not you should be the main complainant does not affect your ability to recover from any relapse.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts across the country including security fraud, breach of trust obligations and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is the driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in recovering government dollars) . The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP visit www.ktmc.com.
INFORMATION:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (tax free)
[email protected]