San Diego, CA -- (SBWIRE) -- 06/14/2023 -- An investor, who purchased shares of Luminar Technologies, Inc. (NASDAQ: LAZR), filed a lawsuit over alleged violations of Federal Securities Laws by Luminar Technologies, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Luminar Technologies, Inc. (NASDAQ: LAZR) have certain options and for certain investors are short and strict deadlines running. Deadline: July 25, 2023. NASDAQ: LAZR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Orlando, FL based Luminar Technologies, Inc., an automotive technology company, provides sensor technologies and software for passenger cars and commercial trucks in North America, the Asia Pacific, Europe, and the Middle East.

Luminar Technologies, Inc. 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 Technologies, Inc. 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 or around March 17, 2023, media sources reported, that Lidwave, a semiconductor developer, had accused Luminar Technologies, Inc. of trying to pass off a Lidwave chip as its technology. This came after Luminar Technologies, Inc. displayed an image of the processor at an investor conference and on its website. As a result, Lidwave threatened Luminar with legal action, prompting the latter to remove the disputed images from its investor presentation and website.

Shares of Luminar Technologies, Inc. (NASDAQ: LAZR) declined from $10.55 per share on March 6, 2023, to as low as $5.45 per share on April 10, 2023.

The plaintiff claims that between February 28, 2023 and March 17, 2023, the defendants made false and/or misleading statements, as well as failed to disclose that Luminar had misappropriated an image of a competitor's PIC to market the Company's own products and capabilities, that the foregoing conduct subjected the Company to a heightened risk of, inter alia, litigation and/or regulatory enforcement action, and that all the foregoing, once revealed, was likely to negatively impact Luminar's business and reputation.

Those who purchased shares of Luminar Technologies, Inc. (NASDAQ: LAZR) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.