Trending...
- Sober.Buzz the Sober Token : Ticker $BUZZ
- DuoKey to Unveil Encrypted Financial Intelligence Use Case at GISEC Global 2025
- Meditech International Inc. and Los Angeles Rams Continue Strategic Partnership to Enhance Athlete Performance and Recovery
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of TuSimple Holdings Inc. ("TuSimple" or the "Company") (NASDAQ: TSP) investors who: (a) purchased common stock pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the Company's April 15, 2021 initial public offering ("IPO") and/or (b) purchased securities between April 15, 2021 and August 1, 2022, inclusive (the "Class Period"). TuSimple investors have until October 31, 2022 to file a lead plaintiff motion.
Investors suffering losses on their TuSimple investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 15, 2021, TuSimple conducted its IPO, selling 33.8 million class A common shares at $40.00 per share.
More on The PennZone
On August 1, 2022, The Wall Street Journal published an article bringing to light a number of previously undisclosed concerns regarding the Company's autonomously driven trucks, alleging, among other things, that an accident involving a truck fitted with TuSimple's autonomous driving technology "underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market, according to independent analysts and more than a dozen of the company's former employees."
On this news, TuSimple's stock fell $0.97, or 9.7%, to close at $8.99 per share on August 1, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) TuSimple's commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company's technology; (2) 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; (3) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (4) the aforementioned conduct made accidents involving the Company's autonomous driving technology more likely; (5) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (6) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
More on The PennZone
If you purchased TuSimple securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Investors suffering losses on their TuSimple investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On April 15, 2021, TuSimple conducted its IPO, selling 33.8 million class A common shares at $40.00 per share.
More on The PennZone
- ScreenPoints Puts Film Investors in the Credits—and in the Money With New FinTech Platform
- Viatris Announces Positive Top-Line Results from Two Pivotal Phase 3 Studies of Novel Fast-Acting Meloxicam (MR-107A-02) for the Treatment of Moderate-to-Severe Acute Pain
- Pathways to Adulthood Conference May 17 at Melville Marriott Honoring NYS Assembly Member Jodi Giglio, Suffolk County Legislator Nick Caracappa
- Adster Techologies awarded US Patent for breakthrough innovation in reducing latency in Ad Serving
- Robert Fabbio Inducted into the Austin Technology Council Hall of Fame
On August 1, 2022, The Wall Street Journal published an article bringing to light a number of previously undisclosed concerns regarding the Company's autonomously driven trucks, alleging, among other things, that an accident involving a truck fitted with TuSimple's autonomous driving technology "underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market, according to independent analysts and more than a dozen of the company's former employees."
On this news, TuSimple's stock fell $0.97, or 9.7%, to close at $8.99 per share on August 1, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) TuSimple's commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company's technology; (2) 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; (3) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (4) the aforementioned conduct made accidents involving the Company's autonomous driving technology more likely; (5) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (6) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
More on The PennZone
- Cybersecurity is Protecting Your Personal Information and Your Portfolio
- L2 Aviation Celebrates Grand Opening of New Facility at Cincinnati/Northern Kentucky International Airport (CVG)
- Managing Summer Staffing Surges with Confidence: Why Name Badges Are a Must for Seasonal Success
- Visa Named Title Sponsor of Ascending Athletes' Business Owners Summits for NFL Entrepreneurs
- The Paris Court of International Arbitration Elects Dr. John J. Maalouf as its New President
If you purchased TuSimple securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Filed Under: Business
0 Comments
Latest on The PennZone
- Children's Hospital of Philadelphia Researchers Recommend New Standard of Care for Families with Hereditary Neuroblastoma Linked to ALK Mutation
- GormanSquared Announces Provisional Patent
- Hubei Heavy Equipment Makes a Striking Appearance at CIMT and Competes with International Brands
- 20 Patents Issued Worldwide, Cementing Company Leadership. First Ever Cable-Free 12-Lead ECG: HeartBeam, Inc. (Stock Symbol: BEAT)
- NASDAQ Uplisting for Higher Market Exposure and Wide Corporate Benefits to AI Boosted Marketing Company On Track Towards $1 Billion Revenue by 2027
- Congressional Men's Health Caucus Shows Bipartisan Consensus and Focus on Prevention, Mental Health, and Closing the Lifespan Gap
- Chewy Chums™ Launches NeverBite™ on Kickstarter
- DuoKey, Axiomtek and Blue Edge Network Partner to Enhance Smart Cities with Privacy-Preserving Urban Safeguarding and Fleet Management
- Fangzhou Launches Otsuka's Third-Generation Leukemia Drug Ponatinib on its Platform
- Viatris Announces Appointments of Frank D'Amelio and Michael Severino, M.D., to the Company's Board of Directors
- Austin Keen Joins WakeFX RopePal as Official Brand Ambassador
- Bonelli Systems Expands Managed IT Services Nationwide, Leveraging Microsoft Azure Expertise
- $4.3 Million Patent Application Waiver Fee Granted by FDA on New Drug Application Fee for Treatment Addressing Suicidal Depression & PTSD: NRX Pharma
- Whistleblower Claims Dental Patient Deaths Likely Due to Book Ban
- xREnergy up as much as +3,094,634% on first day listed on the XRP Ledger. Ticker : $XRE
- Psychiatry's Legacy of Racism and Coercion Highlighted in Restraint Deaths
- New Book 'Cybersecurity Leadership' Guides SME Leaders to Make Smart, Strategic Security Decisions
- Immorta Bio to Present SenoVax™ Cancer Senolytic Immunotherapy Preclinical Data at American Association of Immunologists Meeting
- "Stop scrolling and start watching" - Beloved film recommendation site Criticker gets a major makeover
- Green Energy Solar Expands with New Offices in Port St. Lucie, West Palm Beach, and Orlando