According to the Complaint, Luminar Technologies, Inc. is an automotive technology company that provides sensor technologies and software for passenger cars and commercial trucks in domestic and international markets. The Company purports to develop, inter alia, photonic integrated circuits (“PICs") for its semiconductor products.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Luminar had misappropriated an image of a competitor’s PIC to market the Company’s own products and capabilities; (ii) the foregoing conduct subjected the Company to a heightened risk of, inter alia, litigation and/or regulatory enforcement action; (iii) all the foregoing, once revealed, was likely to negatively impact Luminar’s business and reputation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On August 29, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 30. Defendants filed a Motion to Dismiss the amended Complaint on December 29.

On May 31, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed without prejudice. Lead Plaintiff filed a second amended Complaint on July 8.