Luminar Technologies(US:LAZR) Globenewswire·2025-09-17 15:36Core Viewpoint - A securities class action lawsuit has been filed against Luminar Technologies, Inc. for failing to disclose material adverse facts regarding the company's operations and compliance during the specified class period [1][3]. Group 1: Allegations Against Luminar - The lawsuit alleges that Luminar's executives, particularly CEO Austin Russell, engaged in undisclosed conduct that led to an inquiry by the Audit Committee, creating risks for the company [3]. - It is claimed that Russell's potential departure would adversely affect Luminar's business operations, including competition, R&D management, and customer relationships [3]. - The company allegedly lacked a reasonable basis for its financial guidance, making public statements materially false and misleading [3]. Group 2: Impact of Russell's Resignation - On May 14, 2025, Luminar announced Russell's resignation following an inquiry, which led to a significant stock downgrade by J.P. Morgan [4]. - Following the announcement, Luminar's stock price dropped by $0.80, or 16.80%, closing at $3.96 per share on May 15, 2025 [4]. Group 3: Legal Process for Investors - Investors affected by the alleged misconduct can seek to be appointed as lead plaintiffs by September 22, 2025, or remain as absent class members [5]. - The lead plaintiff will represent the interests of all class members in the litigation process [5]. Group 4: Firm Background - Shamis & Gentile, P.A. specializes in representing investors affected by securities fraud and has recovered over $1 billion for consumers [6].