A $4.75 million settlement has been approved to end a Delaware Chancery Court lawsuit alleging the architects of a blank-check merger between Velodyne Lidar Inc. and a special purpose acquisition company duped investors into a doomed deal.
Shareholders alleged the SPAC’s directors rushed into the transaction, inflating the value of Velodyne, a company that manufactures automotive lidar devices.
Vice Chancellor Lori W. Will approved the settlement, along with a $850,000 legal fee award for the Block & Leviton LLP attorneys representing the lead plaintiff, according to an order issued Wednesday.
The 2023 lawsuit targeted hedge fund Owl Creek Asset ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.