A $4.75 million settlement has been approved to end a Delaware Chancery Court lawsuit alleging the architects of a blank-check merger between Velodyne Lidar Inc. and a special purpose acquisition company duped investors into a doomed deal.
Shareholders alleged the SPAC’s directors rushed into the transaction, inflating the value of Velodyne, a company that manufactures automotive lidar devices.
Vice Chancellor Lori W. Will approved the settlement, along with a $850,000 legal fee award for the Block & Leviton LLP attorneys representing the lead plaintiff, according to an order issued Wednesday.
The 2023 lawsuit targeted hedge fund Owl Creek Asset ...