Velodyne Lidar (VLDR) - Get VELODYNE LIDAR INC. Report shares rose Tuesday after the automotive technology company struck back at Founder David Hall for his Monday letter calling on Chairman Michael Dee to resign.
In a statement, the company called Hall’s allegations “false.”
Velodyne said “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,” it said.
“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.”
Velodyne recently traded at $7.26, up 1.5%. The shares have slid 57% over the past six months.
Hall on Monday had written, “I am pleased that following my calls for meaningful leadership changes at Velodyne Lidar, Dr. Anand Gopalan decided to resign as chief executive officer and a director,” he wrote in an open letter to the board.
“Though I believe this represents a first step in the right direction, the root of poor business management and the anti-stockholder culture at Velodyne Lidar remains.”
But the company says, “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.
“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.”
Velodyne Lidar applies its solutions in autonomous vehicles, driver assistance, delivery solutions, robotics, navigation, mapping and elsewhere.