RADNOR, Pa., Feb. 25, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating potential violations of the federal securities laws on behalf of shareholders of Velodyne Lidar, Inc. ("Velodyne") (NASDAQ: VLDR).
Velodyne develops and produces lidar (light detection and ranging) sensors that are used for measuring distances (ranging) by illuminating a target with laser light and measuring the time the reflection of the light takes to return to the sensor. Velodyne's lidar sensors are used in industrial, 3D mapping, drones, and auto applications in North America, the Asia Pacific, Europe, the Middle East, and Africa.
On February 22, 2021, Velodyne issued a press release announcing that David Hall, Velodyne's founder, has been removed from his role as Chairman of the Board, and that Marketing Chief, Marta Thoma Hall, who is married to David Hall, has also been removed from her role. Velodyne said that the moves followed an investigation initiated by the board of directors' Audit Committee in December 2020, which found that the Halls "failed to operate with respect, honesty, integrity, and candor" in their dealings with officers and directors of the company.
Following this news, Velodyne's stock price fell $3.14, or approximately 15%, to close at $17.97 per share on February 22, 2021.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. Adrienne Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (844) 887-9500 (610) 667-7706 [email protected]