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VLDR.US
id: 1116

Velodyne Lidar (VLDR) $27.5M Investor Settlement

N.D. California
Court
3:21-cv-01486
Case number
02 Jul 2020
Class period Start
17 Mar 2021
Class period End
11 Sept 2024
Claim deadline

Velodyne Lidar ($VLDR) has decided to settle $27.5M with investors to end claims related to the resignation of its founder and Chairman and its CMO.


Outline:


In 2021, Velodyne removed its founder and Chairman, along with its CMO, after an investigation found their "inappropriate behavior." Following this news, $VLDR dropped, and Velodyne faced a lawsuit from investors.


Timeline:

  • On February 22, 2021: Velodyne announced it removed its founder and Chairman and its CMO after an investigation by the Audit Committee.
  • Following this news, $VLDR fell by 23% the next day.
  • On March 2, 2021: $VLDR stockholder filed a claim against Velodyne based on this undisclosed internal scandal.

Background:


On February 22, 2021, Velodyne announced it removed its founder and Chairman and its CMO after an investigation by the Audit Committee.


The investigation found that Mr. Hall and Ms. Hall "behaved inappropriately with regard to board and company processes, and failed to operate with respect and honesty in their dealings with company officers and directors."


However, Ms. Hall described the situation as an ambush, stating they had no chance to defend themselves.


After that, Velodyne responded, saying the Halls were informed of the investigation and had ample time to share their views before the board's decision.


Besides, Velodyne said that: “The Board also formally censured both Mr. Hall and Ms. Hall, and directed them both to receive appropriate remedial training.”


Velodyne didn't disclose the details of the resignation and refused to provide any comments on this.


What can investors expect now?

Velodyne recently decided to resolve the suit and settle $27.5M with investors to end claims related to this internal scandal and the Halls resignation.


If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Status
Accepting Claims
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.24
Filing date
02 March 2021
Lead Plaintiff Deadline
03 May 2021
Plaintiffs
Diane Smith
Attorneys
Kahn Swick & Foti LLP (San Francisco, CA)
Defendants
Anand Gopalan, Andrew Hamer
Judge
Hon. Susan Illston
Administrator
EPIQ
Attorney fee
$315,000
Trades matching type
FIFO
+$27,500,000
Cash Settlement Amount

Frequently Asked Questions

Velodyne Lidar Inc

Velodyne Lidar, Inc. provides real-time 3D vision for autonomous systems worldwide. It offers surround-view lidar for autonomous vehicles, drones, security, mobile robots, and mapping applications;...

    Ticker
    VLDR.US
    ISIN
    US92259F1012
    CIK
    1745317
    Country
    USA
    Address
    5521 Hellyer Avenue, San Jose, CA, United States, 95138