KSF News, Updates, & Insights

KSF Wins Class Certification in Velodyne Securities Litigation

On July 14, 2023, the Hon. Susan Illston certified a class of shareholders in Moradpour v. Velodyne Lidar, Inc., et al., No. 3:21-cv-01486, a securities fraud class action pending in the United States District Court for the Northern District of California. The matter alleges that corporate Defendant Velodyne Lidar, Inc. and individual Defendants Anand Gopalan, James Graf, Andrew Hamer, and Michael Dee made materially false and misleading statements regarding company founder David Hall’s post-merger role in the continuing company, and further failed to disclose to investors that the company Audit Committee was investigating Mr. Hall until it abruptly announced his removal as Chairman of the Board on February 22, 2021. Judge Illston’s ruling appoints KSF’s client as Class Representative and KSF as class counsel and certifies a class of investors that includes purchasers of Velodyne securities between July 2, 2020, and March 17, 2021, excluding Defendants and their affiliates.