Luminar Technologies(US:LAZR) Prnewswireยท2025-07-30 12:12Core Viewpoint - A class action lawsuit has been filed against Luminar Technologies, Inc. for failing to disclose misconduct by its President and CEO, which led to a significant drop in stock price following his resignation [1][2][3]. Group 1: Allegations and Impact - The lawsuit alleges that Luminar's management failed to disclose that CEO Russell was under inquiry by the Audit Committee, which posed a material risk to the company [2]. - The misconduct created risks that could adversely affect Luminar's business operations, including competition, R&D management, and customer relationships [2]. - Following the announcement of Russell's resignation on May 14, 2025, Luminar's stock price fell by $0.80, or 16.80%, closing at $3.96 per share on May 15, 2025 [3]. Group 2: Legal Proceedings - Shareholders may be eligible to participate in the class action and can contact Robbins LLP to serve as lead plaintiff [4]. - The representation in the lawsuit is on a contingency fee basis, meaning shareholders incur no fees or expenses [5].