ACCESS Newswire
22 Sep 2022, 18:43 GMT+10
SAN FRANCISCO, CA / ACCESSWIRE / September 22, 2022 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased the common stock of TuSimple Holdings, Inc. ('TuSimple' or the 'Company') (NASDAQ:TSP) issued in connection with its Initial Public Offering ('IPO') conducted on or about April 15, 2021; and/or between April 15, 2021 and August 1, 2022, inclusive (the 'Class Period'). Contact a Lieff Cabraser attorney immediately for more details about the action. The last day to apply to be a lead plaintiff is October 31, 2022.
Class Period: April 15, 2021 - August 1, 2022 and/or in April 2021 IPO
Lead Plaintiff Motion Deadline: October 31, 2022
For more information: https://www.lieffcabraser.com/securities/TuSimple/
Contact Lieff Cabraser: Email [email protected], or call or text 1-800-541-7358
Background on the TuSimple Securities Class Litigation
TuSimple, headquartered in San Diego, California, is an autonomous trucking company that develops technology for use in autonomous semi-trucks.
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.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 100 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a 'Plaintiffs' Powerhouse' by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $124 billion in verdicts and settlements. Lieff Cabraser is committed to ensuring access to justice for all.
SOURCE: Lieff Cabraser Heimann & Bernstein
Get a daily dose of Raleigh Times 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 Raleigh Times.
More InformationFRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
The virus was likely first developed at the University of North Carolina, the analyst claims Covid-19 was almost certainly developed...
(Photo credit: Kirby Lee-Imagn Images) Sacramento State head coach Brennan Marion reached into Southeastern Conference territory...
(Photo credit: Stephen Brashear-Imagn Images) Dan Wilson and Ken Griffey Jr. were teammates when the latter hit a franchise-record...
(Photo credit: Kamil Krzaczynski-Imagn Images) The Chicago Cubs set a franchise record by bashing eight home runs in a single game...
(Photo credit: Charles LeClaire-Imagn Images) The Pittsburgh Pirates are on a roll. The Pirates have not only won six consecutive...