LUMINAR SHAREHOLDER ACTION REMINDER: Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Luminar To Contact Him Directly To Discuss Their Options

Key Facts

• Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Luminar Technologies, Inc. ("Luminar" or the "Company") (NASDAQ: LAZR) and reminds investors of the July 25, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
• Specifically, 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 March 17, 2023, Forbes reported that the semiconductor developer Lidwave had accused Luminar of attempting to pass off a Lidwave PIC as Luminar's own technology after showing an image of the PIC at the Company's Luminar Day investor conference and in materials on its website, threatening Luminar with legal action.
• In updating the Luminar Day investor presentation, the Company conspicuously replaced what was originally a colorful picture of Lidwave's PIC—which presented an elegant, sleek, and simple design—with a microscopic, black-and-white photo of the Company's own PIC technology, which could have been a picture of either the entire PIC or an individual microscopic section of the chip, and which was, in any event, a far less appealing and bulkier image to market to investors.

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