Le Lézard
Classified in: Science and technology
Subjects: Lawsuit, Proxy/Proxy Vote

David Hall, Founder of Velodyne Lidar, Files Lawsuit Against Executives Over Misrepresentations Regarding 2020 SPAC Merger

David and Marta Hall, former executive officers and controlling stockholders of Velodyne Lidar, Inc. (NASDAQ:VLDR) ("Velodyne Lidar" or the "Company"), today announced that they have filed a lawsuit in the United States Superior Court of California against certain individuals for their roles in misleading stockholders of the original Velodyne Lidar ("Original Velodyne") regarding its 2020 SPAC merger with Graf Industrial Corp. ("GIC").

Defendants named in the lawsuit include: Jeffrey Vetter (principal outside legal counsel for Original Velodyne), Keith Able (former director of GIC), Michael Dee (former director, president and Chief Financial Officer of GIC and current Chairman of the Company's Board of Directors), Anand Gopalan (former Chief Executive Officer of Original Velodyne and the Company), James Graf (former director of the Company), Andrew Hamer (Chief Financial Officer of Original Velodyne and the Company), Julie Levenson (former director of GIC), Sabrina McKee (former director of GIC), Kevin Starke (former director of GIC), Michael Vella (former general counsel for Original Velodyne and the Company) and certain unnamed individuals (collectively, the "Defendants").

The suit ? a copy of which can be accessed here ? accuses the Defendants of conspiracy to defraud, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, intentional misrepresentation, negligent misrepresentation and securities fraud.

In the suit, the Halls assert that the Defendants each, and collectively, carried out a number of unlawful activities, including:

1 Velodyne Lidar total stockholder returns from February 19, 2021 (the date Mr. Hall was terminated from his chairman position) to market close on Friday, January 14, 2022.

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News published on 21 january 2022 at 08:50 and distributed by: