On July 24, 2025, Shamis & Gentile, P.A. announced the filing of a class action lawsuit, Yskollari v. Luminar Technologies, Inc. et al., against Luminar Technologies and certain officers. The complaint was filed in the United States District Court for the Middle District of Florida.
The lawsuit alleges that Luminar failed to disclose material adverse facts regarding the company's compliance, operations, and outlook between March 20, 2025, and May 14, 2025. Specifically, it claims that former President, CEO, and Chairman Austin Russell was engaged in undisclosed conduct that led to an ethics inquiry by the Audit Committee and his subsequent resignation.
The complaint further asserts that this undisclosed conduct created a material risk of adversely affecting Luminar's business by making it more difficult to compete, manage R&D activities, and retain or cultivate customers. Negative public perception and news related to Russell could also harm Luminar’s brand and industry standing, leading to potential losses for investors.
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