Luminar Technologies Inc.'s stock price dipped 17% after it announced its founder-CEO’s resignation over undisclosed conduct that prompted an internal inquiry, an investor alleges in a proposed class action.
The Lidar sensor developer failed to disclose the risks associated with Austin Russell’s departure, Mariglen Yskollari says in the suit, filed Wednesday in the US District Court for the Middle District of Florida. Russell is also named as a defendant.
Since Luminar went public in 2020, Russell “remained the fixture personality and key employee of the Company,” Yskollari says.
A March 28 quarterly financial report “neglected to state Defendant Russell had ...
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