Luminar Technologies Inc. investors failed to show the lidar sensor company’s image of a rival’s silicon chip was material to investment decisions, even if it was misleading, a federal court in Florida said.
The picture of competitor Lidwave’s photonic integrated circuit in an investor presentation slide “obfuscates visible details of the chip’s architecture,” so it didn’t materially misrepresent anything about the capabilities and sophistication of Luminar’s product, Judge Julie S. Sneed said May 31 for the US District Court for the Middle District of Florida.
The investors also didn’t show the necessary level of intent for securities fraud, Sneed said, ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.