SAN DIEGO, Sept. 9, 2022 (GLOBE NEWSWIRE) — The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all those who purchased TuSimple Holdings, Inc. TSP Common Stock: (a) pursuant to the registration statement relating to the Company’s April 2021 initial public offering (“IPO”); or (b) between April 15, 2021 and August 1, 2022. TuSimple develops autonomous technology specifically designed for semi-trucks in the United States and internationally.
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What is it about in this case: TuSimple Holdings, Inc. (TSP) made false and misleading statements regarding its security commitment in connection with its IPO
According to the complaint, on April 15, 2021, TuSimple completed its IPO and sold 33.8 million Class A common shares at $40.00 per share for gross proceeds of $1.031 billion. On August 1, 2022, the Wall Street Journal published an article titled “Self-Driving Truck Accident Draws Attention to Safety at TuSimple,” which brought to light a number of previously undisclosed concerns that undermined the defendants’ representations and omissions regarding the company’s safety. The article referenced an April 6, 2022 accident involving a truck equipped with TuSimple’s autonomous driving technology, noting that regulators made the accident public in June after TuSimple published a report on the incident, which “underscores concern that the autonomous transportation company is risking safety on public roads in a rush to launch driverless trucks, according to independent analysts and more than a dozen former employees of the company.” The company’s stock rose nearly 10% to close at $8.99 per share on August 1, 2022.
Among other things, the registration statement supporting the IPO did not disclose the following: (i) TuSimple’s commitment to security was grossly overstated and…
