NEW YORK--(BUSINESS WIRE)--Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Luminar Technologies, Inc. (“Luminar” or “the Company”) (NASDAQ: LAZR). Investors who purchased Luminar securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: bgandg.com/LAZR.
Investigation Details:
On or around March 17, 2023, media outlets reported that the semiconductor developer Lidwave had accused Luminar of attempting to pass off a Lidwave chip as Luminar’s own technology after showing an image of the processor at a recent investor conference and in materials on its website, threatening Luminar with legal action. Luminar subsequently removed the images in question from its investor presentation and website. On this news, Luminar’s stock price fell $0.68 per share, or 8.02%, to close at $7.80 per share on March 20, 2023.
Then, on February 27, 2024, Luminar issued a press release reporting its fourth quarter and full-year 2023 financial results. Among other items, Luminar reported non-GAAP earnings per share of -$0.20 for the quarter, missing consensus estimates by $0.01, and revenue of $22.11 million, missing consensus estimates by $5.19 million. On this news, Luminar’s stock price fell $0.12 per share, or 4.8%, to close at $2.38 per share on February 28, 2024.
What’s Next?
If you are aware of any facts relating to this investigation or purchased Luminar securities, you can assist this investigation by visiting the firm’s site: bgandg.com/LAZR. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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