ACCESS Newswire
22 Sep 2022, 03:07 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / September 21, 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.
Class Period: Apr. 15, 2021 - Aug. 1, 2022
Lead Plaintiff Deadline: Oct. 31, 2022
Visit: www.hbsslaw.com/investor-fraud/TSP
Contact An Attorney Now: [email protected]
844-916-0895
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].
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.
CONTACT:
Reed Kathrein
844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
Get a daily dose of Albuquerque Express news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Albuquerque Express.
More InformationBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...