San Diego, CA -- (SBWIRE) -- 09/03/2021 -- The Shareholders Foundation announced an update in the lawsuit that was filed in March 2021 against Velodyne Lidar, Inc over alleged violations of Federal Securities Laws.

Investors who purchased shares of Velodyne Lidar, Inc. (NASDAQ: VLDR) have certain options and for certain investors are short and strict deadlines running. Deadline: May 3, 2021. NASDAQ: VLDR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On February 22, 2021, Velodyne announced in a press release that it was immediately replacing David Hall, the Company's founder and former Chairman of the Board of Directors, and Marta Thoma Hall, the Company's former Chief Marketing Officer. An investigation by the Audit Committee had "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 of Directors formally censured Mr. Hall and Ms. Hall.

On March 2, 2021, a lawsuit was filed against Velodyne Lidar, Inc over alleged Securities Laws Violations. The plaintiff claimed that between November 9, 2020 and February 19, 2021, the Defendants failed to disclose to investors that certain of Velodyne's directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company's officers and directors, that the Company was investigating the foregoing matters, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.

Those who purchased shares of Velodyne Lidar, Inc. (NASDAQ: VLDR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.