Core Viewpoint - A class action lawsuit has been filed against Luminar Technologies, Inc. for alleged securities fraud, claiming that the company failed to disclose material adverse facts regarding its operations and compliance, particularly concerning CEO Austin Russell's undisclosed conduct [1][5]. Company Overview - Luminar Technologies specializes in advanced LiDAR hardware and software solutions for vehicles [4]. - The company issued its quarterly business update and financial results for Q4 2024 and the full year 2024 on March 20, 2025, and reiterated its guidance for the full year 2025 in its Q1 2025 update on May 14, 2025 [4]. Legal Proceedings - The class action lawsuit, Yskollari v. Luminar Technologies, Inc., was initiated in the United States District Court for the Middle District of Florida [1]. - Investors who purchased Luminar securities between March 20, 2025, and May 14, 2025, are eligible to participate in the lawsuit [1][7]. Allegations - The complaint alleges that Luminar's executives made false or misleading statements and failed to disclose significant risks related to CEO Austin Russell's conduct, which could jeopardize his position and the company's business [5]. - The lawsuit claims that the lack of transparency regarding Russell's situation undermined the company's financial guidance and misled investors [5]. Market Reaction - Following the announcement of Russell's resignation on May 14, 2025, Luminar's stock price dropped by $0.80, or 16.80%, closing at $3.96 per share on May 15, 2025 [6].