NEW YORK, Feb. 29, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Luminar Technologies, Inc. (“Luminar” or the “Company”) (NASDAQ: LAZR). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Luminar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around March 17, 2023, media outlets reported that the semiconductor developer Lidwave had accused Luminar of attempting to pass off a Lidwave chip as Luminar’s own technology after showing an image of the processor at a recent investor conference and in materials on its website, threatening Luminar with legal action. Luminar subsequently removed the images in question from its investor presentation and website.
On this news, Luminar’s stock price fell $0.68 per share, or 8.02%, to close at $7.80 per share on March 20, 2023. Then, on February 27, 2024, Luminar issued a press release reporting its fourth quarter and full-year 2023 financial results. Among other items, Luminar reported non-GAAP earnings per share of -$0.20 for the quarter, missing consensus estimates by $0.01, and revenue of $22.11 million, missing consensus estimates by $5.19 million.
On this news, Luminar’s stock price fell $0.12 per share, or 4.8%, to close at $2.38 per share on February 28, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
