TuSimple, Inc. Securities Class Litigation
Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired 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”).
If you purchased TuSimple common stock issued in connection with the IPO and/or during the Class Period, you may move the Court for appointment as lead plaintiff by no later than October 31, 2022. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
TuSimple investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, email firstname.lastname@example.org, or call or send a text to Sharon M. Lee of Lieff Cabraser at 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 Company has developed and operates the Autonomous Freight Network, a transportation network of L4 autonomous freight trucks in the United States.
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 offices in San Francisco, New York, Nashville, and Munich, 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 $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.