NEW YORK, Sept. 20, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired TuSimple Holdings Inc. (“TuSimple” or the “Company”) TSP Securities from April 12, 2021 to and including August 1, 2022 (the “Class Period”). Investors have until October 31, 2022 to apply to the court to be named lead plaintiff in the lawsuit.
TuSimple is engaged in the operation and development of autonomous trucks. TuSimple Holdings Inc. acts as the holding company. The company develops self-driving technologies to meet the needs of heavy-duty and semi-trailer trucks.
on August 1, 2022, The Wall Street Journal published an article alleging, among other things, that an accident in which one of TuSimple’s self-driving trucks suddenly made a left turn, crossed a freeway, and crashed into a concrete barricade “underscores concerns that the self-driving company is affecting safety.” on public roads poses a rush to bring driverless trucks to market.” While TuSimple reported that the accident was due to a person in the cab improperly restarting the autonomous driving system before powering it on, The Wall Street Journal Article reported that researchers argue that “it was the autonomous driving system that turned the wheel, and attributing the entire accident to human error is misleading.” Additionally, the article reported that the Federal Motor Carrier Safety Administration has opened a “safety compliance investigation” into TuSimple. As a result of this news, the price of TuSimple shares fell $0.97, or approximately 9.73%, from $9.96 per share to a closing price of $8.99 on August 1, 2022.
The Complaint alleges that the Defendants made and/or failed to disclose false and/or misleading information throughout the Class Period, among other thingsthat: (i) TuSimple’s commitment to security was grossly overstated and Defendants fundamental…
