Luminar Shareholder Sues Board Over CEO’s Resignation, Selloff

Luminar Technologies Inc.‘s board concealed undisclosed conduct by the company’s founder-CEO meriting an internal probe, a shareholder lawsuit said.

The Lidar sensor maker’s stock price fell almost 17% on May 15, the day after it announced Austin Russell‘s resignation.

Luminar had said the previous day that Russell left as CEO and board chairman “following a Code of Business Conduct and Ethics inquiry by the Audit Committee of the Board of Directors.” The company didn’t disclose what the conduct was.

Executives and board members including Russell, who retained a board seat, hurt Luminar’s reputation and wallet by failing to ...