Did you lose money on investments in TuSimple Holdings? If so, please visit TuSimple Holdings Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, NY / ACCESSWIRE / September 20, 2022 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or otherwise acquired the common stock of TuSimple Holdings Inc. ("TuSimple" or the "Company") (NASDAQ:TSP) pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with TuSimple's April 15, 2021 initial public offering ("IPO"); and/or purchased or otherwise acquired TuSimple securities between April 15, 2021 and August 1, 2022, both dates inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Southern District of California and alleges violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.
TuSimple develops autonomous technology specifically designed for semi-trucks in the United States and internationally. It is developing a line of purpose-built Level 4 ("L4") autonomous semi-trucks for the North American market. The Company operates its Autonomous Freight Network ("AFN") L4 autonomous semi-trucks equipped with its autonomous driving technology. According to TuSimple, AFN is an ecosystem that consists of L4 autonomous semi-trucks, high-definition digital mapped routes, terminals, and TuSimple Connect, a cloud-based autonomous operations oversight system.
On April 15, 2021, TuSimple effected its IPO, selling 33.8 million class A common shares at $40 per share, generating $1.031 billion in gross proceeds.
Plaintiff alleges that Defendants' statements in the Registration Statement were materially false and misleading when made because it failed to disclose that: (i) TuSimple's commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company's technology; (ii) TuSimple was rushing the testing of its autonomous driving technology in order to deliver driverless trucks to the market ahead of its more safety-conscious competitors; (iii) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; and (iv) this conduct made accidents involving the Company's autonomous driving technology more likely and invited enhanced regulatory scrutiny.
On August 1, 2022, the Wall Street Journal published an article titled "Self-Driving Truck Accident Draws Attention to Safety at TuSimple," which brought to light a number of previously undisclosed concerns that undermined Defendants' representations and omissions concerning the Company's safety. The article referenced an April 6, 2022, accident involving a truck fitted with TuSimple's autonomous driving technology. Among many other things, the article reported that "[t]he accident, which regulators disclosed to the public in June after TuSimple filed a report on the incident, underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market, according to independent analysts and more than a dozen of the company's former employees."
On this news, the Company's stock price fell $0.97 per share to close at $8.99 per share on August 1, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than October 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired TSP common stock, and/or would like to discuss your legal rights and options please visit TuSimple Holdings Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
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SOURCE: Bernstein Liebhard LLP