The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of TuSimple Holdings Inc. who purchased (a) securities pursuant and/or traceable to documents issued in connection with TuSimple’s April 15, 2021 initial public offering; and/or (b) securities between April 15, 2021 and October 31, 2022, both dates inclusive.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) TuSimple was engaged in undisclosed related party transactions with Hydron, a company founded by TuSimple's co-founder, Mo Chen; (2) TuSimple shared confidential information and/or proprietary technology with Hydron without the approval of TuSimple's board of directors or informing regulators or TuSimple shareholders; (3) TuSimple failed to disclose the internal investigation by its board of directors into the Company's ties to Hydron, which commenced in July 2022; (4) the aforementioned conduct enhanced the likelihood of regulatory scrutiny and investigatory action toward the Company; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 9, 2023 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.