NEW YORK, June 10, 2023 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Luminar Technologies, Inc. ("Luminar" or the "Company") (NASDAQ: LAZR) and reminds investors of the July 25, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you suffered losses exceeding $100,000 investing in Luminar stock or options between February 28, 2023 and March 17, 2023, inclusive (the "Class Period") and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/LAZR.

There is no cost or obligation to you.

Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects.  Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Luminar had misappropriated an image of a competitor's PIC to market the Company's own products and capabilities; (ii) the foregoing conduct subjected the Company to a heightened risk of, inter alia, litigation and/or regulatory enforcement action; (iii) all the foregoing, once revealed, was likely to negatively impact Luminar's business and reputation; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.

Luminar is an automotive technology company that provides sensor technologies and software for passenger cars and commercial trucks in domestic and international markets.  The Company purports to develop, inter alia, photonic integrated circuits ("PICs")—a type of chip that contains photonic components, as opposed to merely electronic components—for its semiconductor products.

PICs are an important component of light detection and ranging ("LIDAR") technologies, which have become useful for a variety of industries, including the automotive industry in which Luminar operates.  LIDAR technology has become particularly useful in the development of autonomous vehicles.  Accordingly, the development of sleeker, simpler, and smaller LIDAR components, including PICs, has become a core focus for managing costs and economies of scale in the mass production of these technologies.

In February 2023, Luminar held its "Luminar Day" investor conference.  In discussing the Company's chip strategy as part of the event, Luminar displayed an image of its purported PIC technology, which was elegant, simple in design, and appeared poised for driving economies of scale and cost reduction in the industry.

On March 17, 2023, Forbes reported that the semiconductor developer Lidwave had accused Luminar of attempting to pass off a Lidwave PIC as Luminar's own technology after showing an image of the PIC at the Company's Luminar Day investor conference and in materials on its website, threatening Luminar with legal action. 

On this news, Luminar's stock price fell $0.78 per share, or 9.09%, over two consecutive trading days to close at $7.80 per share on March 20, 2023.

Notably, after Lidwave threatened Luminar with legal action, the Company removed the offending image of Lidwave's PIC from its investor presentation and website, as well as removed a YouTube video that included the image of Lidwave's PIC.  In updating the Luminar Day investor presentation, the Company conspicuously replaced what was originally a colorful picture of Lidwave's PIC—which presented an elegant, sleek, and simple design—with a microscopic, black-and-white photo of the Company's own PIC technology, which could have been a picture of either the entire PIC or an individual microscopic section of the chip, and which was, in any event, a far less appealing and bulkier image to market to investors.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Luminar's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

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SOURCE Faruqi & Faruqi, LLP