The founder of Velodyne Lidar Inc., David Hall, has called on the chairman of the sensor maker to resign in a letter to the board, Reuters reports.
Hall blames Michael Dee for an 80% fall in share prices since the company went public in September through a merger with a blank-check company.
In June, Hall also called for the resignations of the then-CEO and chairman.
Hall was removed as chairman in February on grounds of lack of honesty.
Velodyne responded to Hall's letter in a statement, calling it a “false” and “deceptive campaign” to “disparage the company’s board.”
Velodyne claims Hall’s actions were designed to divert attention from his “theft of Velodyne’s confidential, trade secret information.”
An initial procedural hearing for Velodyne’s action against Hall is set for Sept. 2.