Luminar Gets Investor Lawsuit Over Chip Picture Tossed for Now

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, ...