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LAZR.US
id: 743

Luminar (LAZR) Misconduct Lidwave Case

M.D. Florida
Court
23-cv-00982
Case number
28 Feb 2023
Class period Start
17 Mar 2023
Class period End
25 Jul 2023
Lead Plaintiff motion deadline
  • Lidwave accused Luminar of attempting to pass off a Lidwave PIC as Luminar’sown technology.
  • $LAZR declined by 9.09%.
  • Investors suspect Luminar of misleading which led to investment losses for shareholders.
On March 17, 2023, Forbes reported that the semiconductor developer Lidwave had accused Luminar (LAZR) of attempting to pass off a Lidwave PIC as Luminar’sown technology after showing an image of the PIC at the Company’s Luminar Day investor conference and in materials on its website, threatening Luminar with legal action.

On this news, $LAZR declined by 9.09% over two consecutive trading days, damaging investors.

Taking revealed facts into account, Investors have to suspect Luminar and its Leaders of misleading and failing to disclose important information which led to investment losses for shareholders, specifically:
  1. Luminar had misappropriated an image of a competitor’s PIC to market the Company’s own products and capabilities;
  2. the foregoing conduct subjected the Company to a heightened risk of, inter alia, litigation and/or regulatory enforcement action;
  3. all the foregoing, once revealed, was likely to negatively impact Luminar’s business and reputation; and
  4. as a result, the Company’s public statements were materially false and misleading at all relevant times.
Case Status
Motion to dismiss denied
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
17 March 2023
Filing date
26 May 2023
Lead Plaintiff Deadline
25 July 2023
Collecting participants…

Luminar Technologies

Luminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the ...

    Ticker
    LAZR.US
    ISIN
    US5504241051
    CIK
    1758057
    Sector
    Consumer Cyclical
    Industry
    Auto Parts
    Country
    USA
    Address
    2603 Discovery Drive, Orlando, FL, United States, 32826