Velodyne Lidar Inc (NASDAQ: VLDR), a sensor technology provider for autonomous vehicles shares traded higher by 15.20% at $7.11 on the last check Monday.
Velodyne's majority stockholder David Hall described the previously announced Anand Gopalan's resignation as the CEO and director as the "first step in the right direction, the root of poor business management and the anti-stockholder culture at Velodyne Lidar remains."
Hall also sought the resignation of Chairman Michael Dee and director Hamid Zarringhalam for alleged breach of stockholders' confidence and destruction of company value.
Hall held Dee accountable for the company's nearly 80% stock price decline through his major business decisions. He also questioned the board's decision to promote Dee as the Chair despite his performance and skillset.
Hall also questioned Dee's decision to transfer Velodyne's Alpha Prime lidar manufacturing know-how and associated trade secrets to Nikon Corp (OTC: NINOF) (OTC: NINOY), an upcoming competitor. It only seemed to benefit Nikon executive Zarringhalam, brewing a conflict of interest. Zarringhalam has also exhibited non-professionalism regarding the stock's significant decline. NINOF shares traded higher by 2.48% at $9.74 on the last check Monday.
Hall blamed Velodyne also for repeatedly declining critical reports and information on the grounds of "privilege."
Velodyne's Q2 revenue of .6 million missed the consensus of $17.2 million. Adj EPS loss of $(0.18) missed the consensus loss of $(0.14).
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