Latest news with #AustinRussell
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.
Time of India
21-05-2025
- Business
- Time of India
Luminar announces new layoffs after sudden CEO exit: Here's what the company said
Luminar Tecnologies, a lidar company has started another round of layoffs after the abrupt resignation of its CEO and founder, Austin Russell. In a regulatory filing the company stated that this restructuring comes amid ongoing financial challenges and company's effort to streamline operations. What Luminar said about layoffs Luminar confirmed in a regulatory filing that it began additional workforce reductions on May 15, though the exact number of affected employees was not disclosed. The company expects the layoffs to result in $4 million to $5 million in cash charges, which will be incurred over the second and third quarters of 2025. This follows extensive job cuts in 2024, when Luminar eliminated 30% of its workforce, impacting 212 employees. The previous layoffs were estimated to cost between $4 million and $6 million in additional expenses. 'On May 15, 2025, Luminar Technologies , Inc. (the 'Company') began executing additional restructuring efforts ('2025 Restructuring Plan'), including a reduction in its workforce. The actions associated with the 2025 Restructuring Plan commenced immediately and are expected to be substantially complete by the end of 2025. The Company estimates that it will incur approximately $4.0 million to $5.0 million in cash charges in connection with the 2025 Restructuring Plan, associated with employee severance and related employee costs, as well as additional non-cash charges related to acceleration of certain previously granted stock-based awards as part of severance packages for employees impacted under the 2025 Restructuring Plan,' said the company in a regulatory filling. Lumiar CEO Austin Russell resigned recently The layoffs come just days after Austin Russell stepped down as CEO and Chairperson of the Board, following an ethics inquiry by Luminar's Audit Committee. While the company did not disclose details of the investigation, it stated that Russell's departure does not impact financial results. Luminar's board has appointed Paul Ricci, former CEO of Nuance, as Russell's replacement. In addition to Russell's exit, board member Jun Hong Heng also resigned, though Luminar clarified that his departure was not due to disagreements over company policies or operations. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
