KSF News, Updates, & Insights

Court Grants Preliminary Approval of Settlement in Velodyne Securities Litigation

On April 23, 2024, the Hon. Susan Illston entered an Order preliminarily approving a $27,500,000 class action settlement 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. KSF was sole lead counsel for Lead Plaintiff and the certified Class.  The settlement is on behalf of all Persons who purchased or otherwise acquired Velodyne Lidar securities between July 2, 2020, and March 17, 2021, excluding Defendants and their affiliates. 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.