Luminar Technologies Misled Investors Over Chip, Lawsuit Says

A Luminar Technologies Inc. shareholder says the company misled investors by passing off an image of their competitor’s product as their own.

During its Luminar Day investor conference in February, presentation materials used to discuss the company’s semiconductor strategy allegedly didn’t attribute a picture of a photonic integrated circuit manufactured by the company’s competitor, Lidwave, according to the proposed class action.

Photonic integrated circuits are an important component for light detection and ranging technologies, or LIDAR, the complaint said. Luminar is an automotive technology company that provides LIDAR technology and software for passenger cars and commercial trucks.

Judy Gray Johnson, ...