The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of those who acquired Luminar Technologies, Inc. (“Luminar” or the “Company”) (NASDAQ: LAZR) securities during the period from February 28, 2023 through March 17, 2023 (the “Class Period”). Investors have until July 25, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Luminar is an automotive technology company that provides sensor technologies and software for passenger cars and commercial trucks in domestic and international markets.
On March 17, 2023, Forbes published an article, reporting that the semiconductor developer Lidwave had accused Luminar of attempting to pass off a Lidwave PIC as Luminar’s own technology after showing an image of the PIC at the Company’s Luminar Day investor conference and in materials on its website, and was threatening Luminar with legal action. On this news, the price of Luminar shares declined by $0.68 per share, or approximately 8.02%, from $8.48 per share to close at $7.80 on March 20, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Luminar had misappropriated an image of a competitor’s PIC to market the Company’s own products and capabilities; (ii) the foregoing conduct subjected the Company to a heightened risk of, inter alia, litigation and/or regulatory enforcement action; and (iii) all the foregoing, once revealed, was likely to negatively impact Luminar’s business and reputation.
If you purchased or otherwise acquired Luminar securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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