According to the lawsuit, defendants made false and/or misleading statements regarding the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors that:

• Luminar had misappropriated an image of a competitor’s photonic integrated circuit to market the Company’s own products and capabilities;
• the foregoing conduct subjected the Company to a heightened risk of, among other things, litigation and/or regulatory enforcement action;
• all the foregoing, once revealed, was likely to negatively impact Luminar’s business and reputation; and
• as a result, the Company’s public statements were materially false and misleading at all relevant times.

When the true details entered the market, the lawsuit claims that investors suffered damages.