The Class: Shareholder rights law firm Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons who purchased TuSimple Holdings, Inc. (NASDAQ: TSP) common stock: (a) pursuant to the Registration Statement in connection with the Company’s April 2021 initial public offering ("IPO"); or (b) between April 15, 2021 and August 1, 2022. TuSimple develops autonomous technology specifically designed for semi-trucks in the United States and internationally.
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What is this Case About: TuSimple Holdings, Inc. (TSP) Made False and Misleading Statements Concerning its Commitment to Safety in Connection with its IPO
According to the complaint, on April 15, 2021, TuSimple effected its IPO, selling 33.8 million class A common shares at $40.00 per share, generating $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 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.
Next Steps: If you acquired shares of TuSimple Holdings, Inc. pursuant to the Company's IPO or between April 15, 2021 and August 1, 2022, you have until October 31, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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