Luminar Technologies, Inc.

On August 29, 2023, United States District Judge Paul G. Byron of the Middle District of Florida appointed Faruqi & Faruqi, LLP, as sole lead counsel in Johnson v. Luminar Technologies, Inc., et al., 23-cv-982-PGB-LHP. The suit centers on false and misleading statements made by Luminar Technologies, Inc., and an Individual Defendant related to alleged misappropriation of images of a competitor’s product. 

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.

In February 2023, Luminar held its “Luminar Day” investor conference.  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.

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.  

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.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

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Filed on 08/29/2023

Ticker LAZR

Class period 02/28/2023 - 03/17/2023


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