Latest news with #AustinRussell
Globe and Mail
4 days ago
- Business
- Globe and Mail
Rosen Law Firm Urges Luminar Technologies, Inc. (NASDAQ: LAZR) Stockholders with Large Losses to Contact the Firm for Information About Their Rights
Rosen Law Firm, a global investor rights law firm, announces that a shareholder filed a class action lawsuit on behalf of purchasers and acquirers of Luminar Technologies, Inc. (NASDAQ: LAZR) securities between March 20, 2025 and May 14, 2025, both dates inclusive (the 'Class Period'). Luminar purports to be a technology company that specializes in advanced 'Light Detection and Ranging' ('LiDAR') hardware and software solutions for vehicles. For more information, submit a form, email attorney Phillip Kim, or give us a call at 866-767-3653. The Allegations: Rosen Law Firm is Investigating the Allegations that Luminar Technologies, Inc. (NASDAQ: LAZR) Misled Investors Regarding its Business Operations. According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) Austin Russell ('Russell'), Luminar's President, CEO and Chairman of the Board, was engaged in undisclosed conduct that would make him the subject of an inquiry by the Audit Committee of the Board of Directors; (2) this conduct created material risk that Russell would be released form his positions at Luminar; (3) Luminar's loss of Russell as an employee would then create material risk of adversely affecting Luminar's business by making it more difficult to compete with other market participants, manage R&D activities, and retain existing customers or cultivate new ones. Further, negative public perception and negative news related to Russell could adversely affect Luminar's brand relationships with customers, or standing in the industry; (4) accordingly, Luminar had no reasonable basis to provide and/or maintain Luminar's financial guidance; and (5) as a result, defendants' public statements were materially false and/or misleading at all times. When the true details entered the market, the lawsuit claims that investors suffered damages. What Now: You may be eligible to participate in the class action against Luminar Technologies, Inc. Shareholders who want to serve as lead plaintiff for the class must file their motions with the court by September 22, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Rosen Law Firm: Some law firms issuing releases about this matter do not actually litigate securities class actions. Rosen Law Firm does. Rosen Law Firm is a recognized leader in shareholder rights litigation, dedicated to helping shareholders recover losses, improving corporate governance structures, and holding company executives accountable for their wrongdoing. Since its inception, Rosen Law Firm has obtained over $1 billion for shareholders.
Malaysian Reserve
05-06-2025
- Business
- Malaysian Reserve
INVESTIGATION ALERT: Edelson Lechtzin LLP Announces Investigation Of Luminar Technologies, Inc. (NASDAQ: LAZR) and Encourages Investors with Substantial Losses or Witnesses with Relevant Information t
NEWTOWN, Pa., June 4, 2025 /PRNewswire/ — Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving Luminar Technologies, Inc. ('Luminar') (NASDAQ: LAZR), resulting from allegations of providing potentially misleading business information to the investing public. If you have non-public information that could assist in the Luminar investigation, or if you are a Luminar investor who suffered a loss and would like to learn more, you can provide your information HERE. You can also contact attorney Eric Lechtzin of Edelson Lechtzin LLP by calling 844-563-5550 or via e-mail at elechtzin@ THE COMPANY: Luminar Technologies is an automotive technology company developing advanced sensors, software, and safety systems for autonomous vehicles. THE ALLEGED WRONGDOING: On May 14, 2025, Luminar published a press release announcing the resignation of company founder, President, and CEO Austin Russell, effective immediately. According to the press release, Russell's resignation resulted from a business conduct and ethics inquiry conducted by an internal audit committee. Following publication of the press release, Luminar's stock price fell $0.80 per share, or 16.81%, to close at $3.96 per share on May 15, 2025. ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft, data security, and consumer fraud. For more information, please contact: Marc H. Edelson, Lechtzin, LECHTZIN LLP411 S. State Street, Suite N-300Newtown, PA 18940Phone: 844-696-7492 or 215-867-2399 ext. 1Email: medelson@ Email: elechtzin@ Web: This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Business Wire
26-05-2025
- Business
- Business Wire
LAZR Investors Have Opportunity to Join Luminar Technologies, Inc. Fraud Investigation with the Schall Law Firm
LOS ANGELES--(BUSINESS WIRE)-- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Luminar Technologies, Inc. ('Luminar' or 'the Company') (NASDAQ: LAZR) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Luminar announced in a May 14, 2025, press release "the resignation of founder Austin Russell as President and CEO of the company and as the Chairperson of the Board, effective immediately, following a Code of Business Conduct and Ethics inquiry by the Audit Committee of the Board of Directors." Based on this news, shares of Luminar fell by more than 16.8% on the next day. If you are a shareholder who suffered a loss, click here to participate. We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at or by email at bschall@ The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
TechCrunch
22-05-2025
- Business
- TechCrunch
Luminar secures up to $200M following CEO departure and layoffs
Lidar company Luminar reached a deal with Yorkville Advisors Global and another unnamed investor that could bring another $200 million into its coffers through the sale of convertible preferred stock over an 18-month period. The agreement, which was announced in a regulatory filing Wednesday, follows an abrupt change in leadership and layoffs. Earlier this month, Luminar's board replaced founder Austin Russell as CEO and board chair. Luminar's board appointed Paul Ricci to the role. Ricci is the former chairman and CEO of Nuance. The company also launched another round of layoffs — its third since spring 2024. Under the terms, Luminar will issue $35 million in convertible preferred stock to the investors. Luminar may issue additional tranches in amounts of up $35 million no more than every 60 days at a purchase price equal to 96% of the stated value of the convertible preferred stock. However, Luminar isn't under any obligation to issue additional stock. 'Today's transaction provides us with additional financial flexibility and further strengthens our balance sheet,' Luminar CFO Tom Fennimore said in a statement 'We've made substantial progress in extending our liquidity runway with our restructuring efforts, and the additional capital available to us under this facility provides us with another tool to realize our long-term value.' The company said proceeds from the initial $35 million issuance are expected to be used for general corporate purposes and debt retirement. Yorkville has offered these lifelines to other struggling publicly traded companies, a list that includes failed Lordstown Motors, Faraday Future, and the now bankrupt Canoo. Luminar was founded by Russell in 2012 when he was just a teenager. Luminar, and Russell, became Silicon Valley darlings when the lidar startup broke cover in April 2017 after operating for years in secrecy and at the height of the autonomous vehicle technology hype cycle. Techcrunch event Join us at TechCrunch Sessions: AI Secure your spot for our leading AI industry event with speakers from OpenAI, Anthropic, and Cohere. For a limited time, tickets are just $292 for an entire day of expert talks, workshops, and potent networking. Exhibit at TechCrunch Sessions: AI Secure your spot at TC Sessions: AI and show 1,200+ decision-makers what you've built — without the big spend. Available through May 9 or while tables last. Berkeley, CA | REGISTER NOW In 2021, Luminar merged with special purpose acquisition company Gores Metropoulos Inc., with a post-deal market valuation of $3.4 billion. Today, Luminar has a market cap of $179 million. Luminar raised $250 million prior to the SPAC announcement. Luminar has had some wins, but also restructured several times. Luminar cut about 30% of its workforce in 2024 via two rounds of layoffs. Some of those layoffs spilled into the first quarter of 2025. A total of 212 employees were laid off. In a regulatory filing earlier this month, the company said it began additional layoffs May 15. These new layoffs are expected to cost $4 million to $5 million in cash charges. These costs are expected to be incurred in the second and third quarters of this year.
The Verge
21-05-2025
- Automotive
- The Verge
Lidar maker Luminar lays off more workers following CEO exit
Luminar, a company that develops lidar systems for autonomous vehicles, started laying off workers just one day after its founder and CEO, Austin Russell, abruptly resigned. In a regulatory filing spotted by TechCrunch, the company said it began carrying out restructuring efforts on May 15th, which include a 'reduction in its workforce.' Last year, Luminar announced plans to cut 20 percent of its employees as it began outsourcing more of its production. Luminar later revealed in September that it had laid off around 30 percent of workers since the beginning of 2024, affecting 212 employees, according to TechCrunch. After launching in 2017, Luminar was pushed to the forefront of the autonomous vehicle industry as a top maker of lidar systems, a key technology that cars use to sense the shapes and distances of objects around them. Luminar has sold sensors to Mercedes-Benz, Volvo, Audi, Toyota Research Institute, Caterpillar, and even Tesla, which has dismissed LIDAR sensors in favor of traditional cameras. Luminar has encountered financial difficulties in recent months and was nearly delisted from the NASDAQ. The company doesn't say how many employees are affected by this most recent round of layoffs, but it expects to spend around $4 million to $5 million on its restructuring plans. Luminar appointed Paul Ricci as CEO after Russell stepped down last week, but Russell will remain on Luminar's board.
