![]() ![]() On this news, Luminar's stock price fell $0.78 per share, or 9.09%, over two consecutive trading days to close at $7.80 per share on March 20, 2023. On March 17, 2023, Forbes reported that the semiconductor developer Lidwave had accused Luminar of attempting to pass off a Lidwave PIC as Luminar's own technology after showing an image of the PIC at the Company's Luminar Day investor conference and in materials on its website, threatening Luminar with legal action. In discussing the Company's chip strategy as part of the event, Luminar displayed an image of its purported PIC technology, which was elegant, simple in design, and appeared poised for driving economies of scale and cost reduction in the industry. ![]() In February 2023, Luminar held its "Luminar Day" investor conference. Accordingly, the development of sleeker, simpler, and smaller LIDAR components, including PICs, has become a core focus for managing costs and economies of scale in the mass production of these technologies. LIDAR technology has become particularly useful in the development of autonomous vehicles. PICs are an important component of light detection and ranging ("LIDAR") technologies, which have become useful for a variety of industries, including the automotive industry in which Luminar operates. The Company purports to develop, inter alia, photonic integrated circuits ("PICs")-a type of chip that contains photonic components, as opposed to merely electronic components-for its semiconductor products. Luminar is an automotive technology company that provides sensor technologies and software for passenger cars and commercial trucks in domestic and international markets. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Luminar had misappropriated an image of a competitor's PIC to market the Company's own products and capabilities (ii) the foregoing conduct subjected the Company to a heightened risk of, inter alia, litigation and/or regulatory enforcement action (iii) all the foregoing, once revealed, was likely to negatively impact Luminar's business and reputation and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times. The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. ![]() You may also click here for additional information: There is no cost or obligation to you.ÄŻaruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia. If you suffered losses exceeding $100,000 investing in Luminar stock or options between Februand March 17, 2023, inclusive (the "Class Period") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 87 or 21 (Ext. ![]() ("Luminar" or the "Company") (NASDAQ: LAZR) and reminds investors of the Jdeadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company. July 20, 2023) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Luminar Technologies, Inc. Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Luminar To Contact Him Directly To Discuss Their Options ![]()
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