SAN FRANCISCO, CA / ACCESSWIRE / September 28, 2022 / Hagens Berman urges TuSimple Holdings, Inc. (NASDAQ:TSP) investors who suffered significant losses after the company completed its $1.1 billion IPO in Apr. 2021 to submit your losses now.
TuSimple Holdings Inc. (NASDAQ:TSP) Securities Class Action:
In its IPO offering documents, TuSimple touted its purported "industry-leading" L4 autonomous technology specifically designed for semi-trucks and its Autonomous Freight Network, claiming they would make long haul trucking safer and more reliable.
The complaint alleges that TuSimple IPO documents: (1) overstated TuSimple's commitment to safety and concealed significant problems with its technology; (2) rushed testing of its autonomous driving systems to beat more safety-conscious competitors to market; and (3) fostered a corporate culture that ignored safety in favor of ambitious delivery schedules (making accidents during testing and enhanced regulatory scrutiny more likely).
The truth emerged 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 independent analysts and over a dozen former employees said the accident underscores concerns that TuSimple is risking safety on public roads in a rush to deliver driverless trucks to market and, while TuSimple has repeatedly blamed the accident on human error, the company's recent regulatory disclosure and internal documents show what autonomous-driving specialists say are "fundamental problems" with TuSimple's technology.
This news sent the price of TuSimple shares sharply lower on August 1, 2022, closing at $8.99, or more than 77% lower than the IPO price.
"We're focused on investors' losses and proving 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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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