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San Francisco, California--(Newsfile Corp. - February 23, 2021) - Berman Tabacco, a national law firm representing investors, is investigating potential violations of the federal securities laws by Velodyne Lidar, Inc. ("Velodyne" or the "Company") (NASDAQ: VLDR), a maker of "lidar" (light detection and ranging) sensors used in, among other things, autonomous vehicles.
On September 29, 2020, Velodyne combined with Graf Industrial Corp., a subsidiary of a publicly traded special purpose acquisition company ("SPAC"). As a result of this business combination, Velodyne began trading as a public company on the NASDAQ on September 30, 2020.
On February 22, 2021, before the market opened, the Company issued a press release announcing that it had removed its founder and Chairman of the Board David Hall and its Chief Marketing Officer Marta Thoma Hall after "the completion of an investigation by the fully independent Audit Committee of the Company's Board of Directors, which commenced in December 2020." According to the press release, "[t]he 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."
In response to this news, shares of Velodyne closed at $17.97 per share on February 22, 2021 (down $3.14 or 14.87% per share).
If you would like more information regarding this investigation, or if you wish simply to share information about the investigation, please visit: https://www.bermantabacco.com/case/velodyne-lidar-inc/.
Berman Tabacco is a national law firm representing institutions and individuals in lawsuits, seeking to recoup losses caused by corporate and board misconduct and violations of the securities and antitrust laws. The firm has offices in Boston, Massachusetts and San Francisco, California.
This notice may constitute attorney advertising.
Jeffrey V. Rocha, Esq.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75259