Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Luminar Technologies, Inc. (NASDAQ: LAZR) securities between February 28, 2023 and March 17, 2023, inclusive (the “Class Period”) have until July 25, 2023 to seek appointment as lead plaintiff of the Luminar Technologies class action lawsuit. Captioned Johnson v. Luminar Technologies, Inc., No. 23-cv-00982 (M.D. Fla.), the Luminar Technologies class action lawsuit charges Luminar Technologies and a top executive with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Luminar Technologies class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Luminar Technologies is an automotive technology company that provides sensor technologies and software for passenger cars and commercial trucks. Among Luminar Technologies’ purported products are photonic integrated circuits (“PICs”), which are important components in the development of autonomous vehicles.
The Luminar Technologies class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Luminar Technologies had misappropriated an image of a competitor’s PIC to market Luminar Technologies’ own products and capabilities; (ii) consequently, Luminar Technologies was subjected to a heightened risk of litigation and/or regulatory enforcement action; and (iii) the foregoing, once revealed, was likely to negatively impact Luminar Technologies’ business and reputation.
On March 17, 2023, Forbes reported that the semiconductor developer Lidwave had accused Luminar Technologies of attempting to pass off a Lidwave PIC as Luminar Technologies’ own product after showing an image of the PIC at the company’s Luminar Day investor conference and in materials on its website, threatening Luminar Technologies with legal action. On this news, the price of Luminar Technologies stock declined more than 9%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Luminar Technologies securities during the Class Period to seek appointment as lead plaintiff of the Luminar Technologies class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Luminar Technologies class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Luminar Technologies class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Luminar Technologies class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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