BERWYN, Pa., Sept 9, 2022 /PRNewswire/ — RM LAW, PC announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased TuSimple Holdings, Inc. (“TuSimple” or the “Company”) (NASDAQ: TSP) securities during the period from April 15, 2021 through August 1, 2022 inclusive (the “Class Period”).
TuSimple shareholders may, no later than October 31, 2022, move the court for appointment as a lead plaintiff of the class. If you purchased shares of TuSimple and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
According to the complaint, on April 15, 2021TuSimple effected its IPO, selling 33.8 million class A common shares at $40.00 per share, generated $1.031 billion in gross proceeds. 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, noting that regulators disclosed the accident to the public in June after TuSimple filed a report on the incident, which “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 share fell to be almost 10%, to close at $8.99 per share on August 1, 2022.
The Registration Statement in support of the IPO failed to disclose, inter alia, 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; (iv) the aforementioned conduct made accidents involving the Company’s autonomous driving technology more likely; (v) and the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company.
If you are a member of the class, you may, no later than October 31, 2022, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may serve together as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, PC or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact RM LAW, PC (Richard A Maniskas, Esquire) toll-free at (844) 291-9299 or by email at [email protected] or click here. For more information about class action cases in general or to learn more about RM LAW, PC please visit our website by clicking here.
RM LAW, PC is a national shareholder litigation firm. RM LAW, PC is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
CONTACT: RM LAW, PC
Richard A Maniskas, Esquire
1055 West Lakes Dr., Ste. 300
Berwyn, PA 19312
SOURCE RM LAW, PC