The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Luminar Technologies, Inc. (NASDAQ: LAZR) who purchased securities between February 28, 2023 and March 17, 2023. The action, which was filed in the United States District Court for the Middle District of Florida, alleges that the Company violated federal securities laws.
In particular, the Luminar lawsuit alleges that (i) Luminar had misappropriated an image of a competitor’s photonic integrated circuit (“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.
Shareholders have until July 25, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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