On or around March 17, 2023, various media outlets reported that Lidwave, an Israeli start-up, had accused Luminar of attempting to pass off a Lidwave chip as Luminar’s own technology after Luminar displayed an image of the processor at a recent investor conference, as well as in materials on its website. As a result, Lidwave threatened Luminar with legal action. Luminar subsequently removed the images in question from its investor presentation, website, and a YouTube video.
On this news, Luminar’s stock price fell $0.68 per share, or 8%, to close at $7.80 per share on March 20, 2023, the next trading day.