SAN FRANCISCO, CA / ACCESSWIRE / October 3, 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 the Lieff Cabraser law offices 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