Velodyne Lidar, Inc.

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Ademi LLP is investigating Velodyne (NASDAQ: VLDR) for possible breaches of fiduciary duty and other violations of law in its transaction with Ouster.

Ademi LLP alleges Velodyne’s financial outlook and prospects are excellent and yet Velodyne holders will receive only 0.8204 shares of Ouster for each share of Velodyne common stock. The transaction agreement unreasonably limits competing bids for Velodyne by imposing a significant penalty if Velodyne accepts a superior bid. Velodyne insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Velodyne’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Velodyne.