2023-03-20 10:26:49 ET
Luminar Technologies ( NASDAQ: LAZR ) has replaced a YouTube video that included an image of a chip belonging to a competitor. The company has also replaced an image of the chip with its own Luminar semiconductor photonics integrated circuit specific to the investor presentation,
The issue was made public when Israeli startup Lidwave threatened legal action over the chip image that it said was its own design. On its website, Lidwave says its disruptive sensor uses patented technology that unlocks the full potential of 3D sensing making it accessible to new markets.
In response to the accusation, a Luminar ( LAZR ) spokesperson said the chip image was inconsequential to the overall presentation to investors that was part of a broad Luminar business update on February 28.
Shares of Luminar Technologies ( LAZR ) fell 7.90% on Monday in a deeper drop than LiDAR peers. The stock has had a strong start to 2023 with a 80% year-to-date rally helping it retrace some of the 2022 decline. See the advanced trading chart.
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Luminar Technologies is accused by startup of using wrong chip image in presentation