GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF SHAREHOLDERS OF TUSIMPLE HOLDINGS INC. (NASDAQ: TSP)
TuSimple Holdings, Inc. describes itself as “a self-driving technology company with the mission to improve the safety and efficiency of the trucking industry.” The Company, founded in 2015, is principally engaged in the operation and development of autonomous trucks and an autonomous freight network.
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.
A recently filed securities fraud class action complaint alleges that TuSimple, via certain of its officers and directors, made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges the Company misrepresented and/or failed to disclose that: (i) TuSimple’s commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company’s technology; (ii) TuSimple was rushing the testing of its autonomous driving technology in order 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) the aforementioned conduct made accidents involving the Company’s autonomous driving technology more likely; (v) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times. TuSimple presently trades at $1.84 compared to its IPO offering price of $40.00.
Current TuSimple shareholders who have held TuSimple shares since on or shortly after the Company's April 15, 2021 IPO date can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to contact us at firstname.lastname@example.org, or call 267-507-6085.