SAN DIEGO, Oct. 01, 2022 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of TuSimple Holdings, Inc. (NASDAQ: TSP): (a) common stock pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with TuSimple’s April 15, 2021 initial public offering (“IPO”); and/or (b) securities between April 15, 2021 and August 1, 2022, both dates inclusive (the “Class Period”) have until October 31, 2022 to seek appointment as lead plaintiff in the TuSimple class action lawsuit. The TuSimple class action lawsuit – captioned Dicker v. TuSimple Holdings, Inc., No. 22-cv-01300 (S.D. Cal.) – charges TuSimple, certain of its top executive officers and directors, as well as the IPO’s underwriters with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the TuSimple class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Headquartered in San Diego, TuSimple develops autonomous technology specifically designed for semi-trucks. TuSimple is developing a line of purpose-built Level 4 (“L4”) autonomous semi-trucks for the North American market. 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.
The TuSimple class action lawsuit alleges the defendants made materially false or misleading statements and/or failed to disclose, among other things, that: (i) TuSimple’s commitment to safety was significantly overstated and defendants concealed fundamental problems with TuSimple’s technology; (ii) TuSimple was rushing the testing of its autonomous driving technology 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) this conduct made accidents involving TuSimple’s autonomous driving technology more likely; and (v) this conduct invited enhanced regulatory scrutiny and investigatory action toward TuSimple.
On August 1, 2022, The Wall Street Journal published an article entitled “Self-Driving Truck Accident Draws Attention to Safety at TuSimple,” which brought to light a number of previously undisclosed concerns that undermined TuSimple’s representations and omissions concerning TuSimple’s safety. For example, referencing an April 6, 2022 accident involving a truck fitted with TuSimple’s autonomous driving technology, the article revealed that “[t]he accident, which regulators disclosed to the public in June after TuSimple filed a report on the incident, 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 [TuSimple’s] former employees.”
On this news, TuSimple’s share price fell by nearly 10%, damaging investors.
As of the filing of the TuSimple class action lawsuit, TuSimple’s share price has declined by more than 82% from the IPO offering price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired TuSimple common stock pursuant and/or traceable to the Registration Statement issued in connection with the IPO and/or securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the TuSimple class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the TuSimple class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the TuSimple class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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