GlobeNewswire News Roomยท2025-07-26 14:58Core Viewpoint - Rosen Law Firm has announced a class action lawsuit on behalf of purchasers of Luminar Technologies, Inc. securities during the specified Class Period, highlighting potential misconduct by the company's leadership that may have adversely affected investors [1][5]. Group 1: Lawsuit Details - The class action lawsuit is filed for securities purchased between March 20, 2025, and May 14, 2025, inclusive [1]. - Investors who purchased Luminar securities during this period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A lead plaintiff must move the Court by September 22, 2025, to represent other class members in the litigation [3]. Group 2: Allegations Against Luminar - The lawsuit alleges that Luminar's President, CEO, and Chairman, Austin Russell, engaged in undisclosed conduct that led to an inquiry by the Audit Committee [5]. - This conduct posed a material risk of Russell being removed from his positions, which could adversely affect Luminar's business operations and competitive standing [5]. - The lawsuit claims that Luminar lacked a reasonable basis for its financial guidance due to these undisclosed risks, leading to materially false and misleading public statements [5]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been consistently ranked among the top firms for securities class action settlements, recovering hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its effectiveness in representing investor rights [4].