NEW YORK, March 3, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Velodyne Lidar, Inc. ("Velodyne" or the "Company") (NASDAQ: VLDR) resulting from allegations that Velodyne might have issued misleading information to the investing public.
If you purchased Velodyne securities, and/or would like to discuss your legal rights and options please visit Velodyne Shareholder Investigation or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com
On February 22, 2021, before the market opened, Velodyne announced that the Board had "removed David Hall as Chairman of the Board and terminated Marta Hall's employment as Chief Marketing Officer of the Company" after the Audit Committee's investigation "concluded that Mr. Hall and Ms. Hall each 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." In addition, Velodyne's Board formally censured Mr. Hall and Ms. Hall, but they would remain directors of Velodyne.
On this news, Velodyne's common stock fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021, on unusually heavy trading volume. Additionally, Velodyne's warrants fell $1.47, or approximately 20%, to close at $5.90 per warrant on February 22, 2021.
If you purchased Velodyne securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/velodynelidarinc-vldr-shareholder-class-action-lawsuit-stock-fraud-370/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP