SAN DIEGO, July 28, 2025 (GLOBE NEWSWIRE) -- Robbins LLP reminds stockholders that a class action was filed on behalf of investors who purchased or otherwise acquired Luminar Technologies, Inc. (NASDAQ: LAZR) securities between March 20, 2025 and May 14, 2025. Luminar purports to be a technology company specializing in advanced LiDAR hardware and software solutions for vehicles.

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.

The Allegations: Robbins LLP is Investigating Allegations that Luminar Technologies, Inc. (LAZR) Failed to Disclose that its President and CEO was Engaged in Misconduct

According to the complaint, during the class period defendants failed to disclose that: (1) defendant Russell was engaged in undisclosed conduct that would make him the subject of an inquiry by the Audit Committee of the Board of Directors; (2) this conduct created material risk that defendant Russell would be released from his positions at the Company; (3) Luminar’s loss of Russell as an employee would then create material risk of adversely affecting the Company’s business by making it more difficult to compete with other market participants, manage R&D activities, and retain existing customers or cultivate new ones. Further, negative public perception and negative news related to defendant Russell could also adversely affect Luminar’s brand, relationships with customers, or standing in the industry; (4) accordingly, Luminar had no reasonable basis to provide and/or maintain the Company’s financial guidance; and (5) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

Plaintiff alleges that on May 14, 2025, the Company announced that defendant Russell had resigned as President and CEO of the Company and Chairman of the Board “effective immediately, following a Code of Business Conduct and Ethics inquiry by the Audit Committee of the Board of Directors.” On this news, Luminar’s stock price fell $0.80 per share, or 16.80%, to close at $3.96 per share on May 15, 2025.

What Now: You may be eligible to participate in the class action against Luminar Technologies, Inc. Shareholders who want to serve as lead plaintiff for the class should contact Robbins LLP. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.  

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.

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