SAN FRANCISCO, CA / ACCESSWIRE / August 4, 2022 / Hagens Berman urges TuSimple Holdings Inc. (NASDAQ:TSP) investors who suffered significant losses after the company completed its IPO in Apr. 2021 to submit your losses now.
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TuSimple Holdings Inc. (NASDAQ: TSP) Investigation:
The investigation focuses on TuSimple's statements which enabled it to go public in April 2021 through the issuance of 33.7 million shares at $40 per share, raising $1.1 billion in gross proceeds.
Specifically, TuSimple has repeatedly touted its Autonomous Freight Network, including its L4 autonomous semi-trucks, and claimed its AFN is the most comprehensive solution to address the freight industry's long term safety challenges.
These claims came into question on Aug. 1, 2022, when The Wall Street Journal reported that, on Apr. 6, 2022, an autonomously driven truck fitted with TuSimple technology suddenly veered left, cut across the I-10 highway in Tucson, AZ and slammed into a concrete barricade.
The WSJ further reported that: (1) according to independent analysts and over a dozen of TuSimple's former employees, "[t]he accident … underscores concerns that [TuSimple] is risking safety on public roads in a rush to deliver driverless trucks to market;" (2) while "the company has repeatedly blamed the accident on human error," details contained in the company's June 2022 regulatory disclosure along with internal company documents show what autonomous-driving specialists say are "fundamental problems" with TuSimple's technology; and, (3) researchers at Carnegie Mellon University who have spent decades studying autonomous-driving systems say that blaming the entire accident on human error is misleading.
This news sent the price of TuSimple shares sharply lower on Aug. 1, 2022, closing at $8.99, or more than 77% lower than the IPO price.
"We're focused on investors' losses and whether TuSimple put potential profits ahead of safety," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in TuSimple Holdings and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding TuSimple Holdings should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP