Velodyne Lidar today responded to the latest false statements contained in David Hall’s August 23, 2021 open letter to the Company’s Board of Directors (the “Board”). The Company believes that this latest missive from David Hall is part of an ongoing, self-serving and deceptive campaign in which he has used false statements to disparage the Company’s Board and distract attention from his own repeated pattern of misconduct. This misconduct dates back to Mr. Hall’s failure to operate with respect, honesty, integrity, and candor in his dealings with Company officers and directors, resulting in his censure and removal as Chairman of the Board.
The Velodyne Board and management team are continuing to execute on a strategy designed to drive long-term growth for the Company and value for stockholders. Under the Board’s oversight, Velodyne Lidar remains focused on meeting the requirements of its customers, setting production records and delivering significant progress on its growth plans. The Company continues to innovate on its cutting-edge, award-winning products to advance its strong pipeline and meet demand for its revolutionary hardware and software solutions.
David Hall is Attempting to Divert Attention from the Ongoing Arbitration Regarding his Theft of Confidential Intellectual Property
The Company believes that Mr. Hall’s actions are an attempt to distract from the serious and ongoing arbitration against Mr. Hall regarding his theft of Velodyne’s confidential, trade secret information. Mr. Hall has never denied taking this confidential, trade secret information, which he seems intent upon using to further his personal business ventures to the detriment of Velodyne and its stockholders.
Like any enterprise with a focus on innovative, breakthrough technologies, Velodyne is committed to protecting its intellectual property. The Company will take any and all actions to ensure Mr. Hall complies with his legal obligations to refrain from any use or disclosure of Velodyne’s property and to immediately return it to Velodyne. The Company views Mr. Hall’s latest missive as an attempt to divert attention from Velodyne’s upcoming proceeding against him, where an initial procedural hearing is set for September 2, 2021.
David Hall Falsely Portrays the Trusted Long-standing Relationship Between Velodyne Lidar and Nikon
The Company’s relationship with Nikon dates back to 2018, when Mr. Hall served as Chief Executive Officer of Velodyne. As part of its long-standing relationship with Velodyne, Nikon has also been a strategic investor in the Company. Today, the Company continues to have a strong partnership with Nikon as a trusted technology and manufacturing partner for Velodyne’s industry-leading lidar sensor.
Michael Dee and Hamid Zarringhalam are Aligned with Velodyne Lidar Stockholders
Michael Dee and Hamid Zarringhalam are independent directors focused on the long-term success of the Company, who have exceptional track records of success as business leaders and have served as outstanding stewards of Velodyne and its stockholders.
Mr. Hall’s fabricated statements about Mr. Zarringhalam are demonstrably false and libelous. Mr. Zarringhalam never made the comments Mr. Hall claimed, and is in fact a stockholder of the Company, having purchased stock using his own personal funds[1]. Mr. Zarringhalam remains a stockholder today and his interests are aligned with those of all stockholders.
Mr. Hall’s repeated and demonstrably false statements have shown that he is willing to go to unacceptable lengths to advance his own self-serving agenda. The Company’s Board and management team remain steadfast in their commitment to driving enhanced value creation and will continue to do what they believe is in the best interest of the Company and ALL Velodyne Lidar stockholders.
SOURCE: Velodyne Lidar
