IMMINENT SHAREHOLDER DEADLINE: Velodyne Lidar, Inc. Sued for Violations of the Federal Securities Laws; Investors Should Contact Block & Leviton LLP

Boston, Massachusetts--(Newsfile Corp. - April 27, 2021) - Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that a lawsuit for violation of the federal securities laws has been filed against Velodyne Lidar, Inc. (NASDAQ: VLDR) and certain of its executives. The deadline to move the Court to be appointed lead plaintiff is May 3, 2021.

On February 22, 2021, Velodyne Lidar announced that it was immediately replacing David Hall, the Company's founder and former Chairman of the Board of Directors, and Marta Thoma Hall, the Company's former Chief Marketing Officer. In this announcement, Velodyne Lidar wrote that these moves followed an investigation led by the Company's Audit Committee and aided by Keker, Van Nest & Peters LLP that began in December 2020. Velodyne Lidar's announcement continued that "[t]he investigation concluded that Mr. Hall and Ms. Hall each behaved inappropriately with regard to certain Board and Company processes, and failed to operate with respect, honesty, integrity, and candor in their dealings with Company officers and directors." In addition, Velodyne Lidar's Board of Directors formally censured Mr. Hall and Ms. Hall. The market was stunned by this news, with shares plunging approximately 15% in one day.

A lawsuit has been filed against Velodyne Lidar and two of its executives in the U.S. District Court for the Northern District of California. The lawsuit is captioned Moradpour v. Velodyne Lidar, Inc., et al., No. 3:21-cv-01486 (N.D. Cal.). If you purchased or acquired shares of Velodyne Lidar between November 9, 2020 and February 19, 2021, you are strongly encouraged to contact the nationally-recognized securities law firm Block & Leviton LLP (www.blockleviton.com) at (617) 398-5600, via email at cases@blockleviton.com, or to visit our website for information on the case. The deadline to move the Court to be appointed lead plaintiff is May 3, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country's financial markets. The firm represents many of the nation's largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm's lawyers have recovered billions of dollars for its clients.

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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com

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