SAN FRANCISCO, CA / ACCESSWIRE / September 22, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased the common stock of TuSimple Holdings, Inc. ("TuSimple" or the "Company") (NASDAQ:TSP) issued in connection with its Initial Public Offering ("IPO") conducted on or about April 15, 2021; and/or between April 15, 2021 and August 1, 2022, inclusive (the "Class Period"). Contact a Lieff Cabraser attorney immediately for more details about the action. The last day to apply to be a lead plaintiff is October 31, 2022.
Class Period: April 15, 2021 - August 1, 2022 and/or in April 2021 IPO
Lead Plaintiff Motion Deadline: October 31, 2022
For more information: https://www.lieffcabraser.com/securities/TuSimple/
Contact Lieff Cabraser: Email [email protected], or call or text 1-800-541-7358
Background on the TuSimple Securities Class Litigation
TuSimple, headquartered in San Diego, California, is an autonomous trucking company that develops technology for use in autonomous semi-trucks.
The action alleges that in connection with the IPO and throughout the Class Period, TuSimple made false or misleading statements and/or failed to disclose that: (1) TuSimple's commitment to safety was significantly overstated and the Company concealed basic problems with its technology; (2) the Company rushed the testing of its autonomous driving technology in order to deliver driverless trucks to the market ahead of competitors; (3) TuSimple had a corporate culture that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (4) such conduct increased the likelihood of accidents involving the TuSimple's autonomous driving technology; and (5) such conduct invited enhanced regulatory scrutiny and investigatory action toward the Company.
On August 1, 2022, the Wall Street Journal published an article titled "Self-Driving Truck Accident Draws Attention to Safety at TuSimple," which uncovered previously undisclosed safety issues at TuSimple. The article referenced an accident where a truck equipped with TuSimple's autonomous driving technology crashed while highway testing. On this news, the price of TuSimple's stock price fell $0.97, or 9.74%, from a closing price of $9.96 per share on July 29, 2022, to close at $8.99 per share on August 1, 2022, on elevated trading volume. As of the commencement of the action, TuSimple's stock price has declined by over 82% from its IPO offering price of $40.00 per share.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 100 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $124 billion in verdicts and settlements. Lieff Cabraser is committed to ensuring access to justice for all.
SOURCE: Lieff Cabraser Heimann & Bernstein