ACCESS Newswire
30 Sep 2022, 01:31 GMT+10
NEW YORK, NY / ACCESSWIRE / September 29, 2022 / Labaton Sucharow, a nationally ranked and award-winning shareholder rights firm, announces a securities class action lawsuit has been filed against TuSimple Holdings Inc. ('TuSimple' or the 'Company') (NASDAQ:TSP) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between April 15, 2021 and August 1, 2022, inclusive (the ''Class Period''), are encouraged to contact the firm before October 31, 2022.
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.
If you currently own stock or options in TuSimple Holdings Inc. and suffered a loss, click here to participate.
If you want to receive additional information and protect your investments free of charge, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at [email protected].
About the Firm
Labaton Sucharow LLP is one of the world's leading complex litigation firms representing clients in securities, corporate governance and shareholder rights, consumer, and cybersecurity and data privacy litigation, as well as whistleblower representation. Labaton Sucharow has been recognized for its excellence by the courts and peers, and it is consistently ranked in leading industry publications. Offices are located in New York, NY, Wilmington, DE, and Washington, D.C. More information about Labaton Sucharow is available at labaton.com.
Contacts:
David J. Schwartz
(800) 321-0476
[email protected]
SOURCE: Labaton Sucharow LLP
Get a daily dose of California Telegraph 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 California Telegraph.
More InformationROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...