According to the Complaint, provides solutions to develop safe automated systems including real-time surround view lidar sensors. The Company became a public entity on or about September 29, 2020 when it merged with Graf Industrial Corp., a special purpose acquisition company.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors that: (1) that certain of Velodyne's directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company's officers and directors; (2) that the Company was investigating the foregoing matters; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.