According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- Austin Russell (“Russell”), Luminar’s President, CEO and Chairman of the Board, was engaged in undisclosed conduct that would make him the subject of an inquiry by the Audit Committee of the Board of Directors;
- this conduct created material risk that Russell would be released form his positions at Luminar;
- Luminar’s loss of Russell as an employee would then create material risk of adversely affecting Luminar’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 Russell could adversely affect Luminar’s brand, relationships with customers, or standing in the industry;
- accordingly, Luminar had no reasonable basis to provide and/or maintain Luminar’s financial guidance; and
- as a result, defendants’ public statements were materially false and/or misleading at all times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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