Velodyne Lidar $27.5 Million Securities Settlement

If you purchased the publicly traded securities of Velodyne Lidar, Inc. between July 2, 2020, and March 17, 2021, you may be eligible to claim a portion of the $27,500,000 from a class action settlement.

Velodyne Lidar has agreed to pay this amount to settle a class action lawsuit for allegedly making materially false and misleading statements and omitting material facts necessary to make the statements not misleading.

Who can file a claim?

The class members eligible to file a claim include:

• Individuals or entities who purchased Velodyne publicly traded securities between July 2, 2020, and March 17, 2021.
• Those who held Velodyne securities between July 2, 2020, and March 17, 2021 and were affected by the alleged misstatements.

How much can class members get?

The settlement fund of $27,500,000 will be distributed among class members who submit valid claims. The exact amount each class member will receive depends on several factors, including the number of claims filed and the amount of Velodyne securities purchased and held during the class period.

The calculation of the award involves determining the “Recognized Loss” for each claimant, which is based on the difference between the purchase price and the sale price of the securities, adjusted for market factors.

• Common Stock: The average recovery is estimated to be approximately $0.24 per share.
• Warrants: The average recovery is estimated to be approximately $0.11 per warrant.

Is proof required to submit a claim?

Yes, claimants need to provide proof of their transactions in Velodyne securities during the class period. This includes documentation such as trade confirmations or account statements.

How to claim an award

To claim an award, class members must complete and submit a claim form. This can be done online or by mailing the completed form to the Claims Administrator at:

Velodyne Securities Litigation

c/o Epiq Class Action and Claims Solutions, Inc.

P.O. Box 2666

Portland, OR 97208-2666

The deadline to submit a claim was September 11, 2024.

Payment methods

Class members will receive their payments via check mailed to the address provided on the claim form.

$27,500,000 Settlement Fund Breakdown

The settlement fund of $27,500,000 will cover:

• Payments to class members who submit valid claims.
• Attorneys' fees, not to exceed 28% of the settlement fund.
• Reimbursement of litigation expenses up to $315,000.
• Administrative costs for processing claims.

Important dates

• Deadline to File a Claim: September 11, 2024
• Fairness Hearing: August 16, 2024

When is the Velodyne Securities Litigation payout date?

The payout date will be determined after the court approves the settlement and any appeals are resolved.

Why is there a class action settlement?

The lawsuit alleged that Velodyne Lidar, Inc. made false and misleading statements about its business operations, which affected the trading price of its securities. The parties agreed to settle to avoid the risks and costs associated with continued litigation.

What happens next?

After the settlement is approved, the Claims Administrator will process the submitted claims and distribute the settlement funds to eligible class members. The final approval hearing was scheduled for August 16, 2024.