Wolf Popper LLP Announces Investigation on Behalf of Investors in Velodyne Lidar, Inc.
NEW YORK, Feb. 24, 2021 /PRNewswire/ -- Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Velodyne Lidar, Inc. common stock (NASDAQ: VLDR).
In July 2020, Graf Industrial Corp. (NYSE: GRAF), a special purpose acquisition company/ blank check company, announced it had entered into an agreement to merger with Velodyne Lidar, Inc. The merger was approved by a majority vote of the holders of Graf securities. The merger closed on September 29, 2020, and Graf changed its name to Velodyne Lidar, Inc. and its stock symbol to "VLDR".
Before the market opened on February 22, 2021, Velodyne issued a press release disclosing its founder and Chairman of the Board David Hall and Chief Marketing Officer Marta Thoma Hall were removed as Chairman and terminated as a Velodyne employee, respectively. These changes were a result of an Audit Committee investigation that began in December 2020 and "…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 addition, Velodyne's Board of Directors formally censured Mr. Hall and Mrs. Hall.
On this news, Velodyne's stock price fell $3.14 per share, or almost 15%, and closed at $17.97 per share on February 22, 2021.
Investors who have lost over $50,000 trading in Velodyne common stock and who would like to discuss the investigation should contact Joshua Ruthizer at (212) 451-9668, (877) 370-7703, or jruthizer@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
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Wolf Popper LLP
Joshua W. Ruthizer
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9668
Tel.: (877) 370-7703
Email: jruthizer@wolfpopper.com
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