TSP Class Action Lawsuit – TuSimple Lawsuit
A TuSimple class action lawsuit (TSP Class Action Lawsuit) has been filed on behalf of investors who purchased TuSimple Class Action Lawsuit (TSP) securities between April 15, 2021 – October 31, 2022, inclusive. For more on the TSP Lawsuit please contact us today.
Is There A TSP Class Action Lawsuit?
TSP:NASDAQ Class Action Lawsuit (TuSimple) was filed on November 10, 2022 on behalf of the shareholders.
On October 31, 2022, TuSimple filed a Form 8red K with the SEC. Attached to the Form 8K was a press release announcing that the Board of Directors of TuSimple (the “Board”) had terminated defendant Xiaodi Hou from his po sition “as the Chief Executive Officer, President and Chief Technology Officer of the Company and removed Dr. Hou from his position as Chairman of the Board, in each case, effective as of October 30, 2022.”
On this news, TuSimple share prices fell $2.88, o 2022, at $3.43 per share.
As of the date of the filing of this Complaint, TuSimple shares traded as low as $2.61 per share, representing a decline of over 93% from the $40 IPO offering price.
What Is The TuSimple Lawsuit About?
The TuSimple Class Action Lawsuit (NASDAQ:TSP) (TuSimple Class Action Lawsuit) was filed when after the market closed on October 31, 2022, TuSimple filed a Form 8red K with the SEC. Attached to the Form 8K was a press release announcing that the Board of Directors of TuSimple (the “Board”) had terminated defendant from his position “as the Chief Executive Officer, President and Chief Technology Officer of the Company and removed the defendant from his position as Chairman of the Board, in each case, effective as of October 30, 2022.”
How Much Did Shareholders Lose In TSP Stock?
Shareholders who held TSP securities saw stock prices fell $2.88, o 2022, at $3.43 per share.
As of the date of the filing of this Complaint, TuSimple shares traded as low as $2.61 per share, representing a decline of over 93% from the $40 IPO offering price.
Is There A Deadline For The TSP Lawsuit?
The deadline for the TuSimple Class Action Lawsuit (NASDAQ:TSP) (TuSimple) is January 9, 2023 for a Lead Plaintiff.
What Is The TuSimple Lawsuit Complaint?
According to the TSP lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(1) TuSimple was engaged in undisclosed related party transactions with Hydron, a company founded by Defendant Chen;
(2) TuSimple shared confidential information and/or proprietary technology with Hydron without Board approval or informing regulators or TuSimple shareholders;
(3) TuSimple failed to disclose the Board’s internal investigation, which commenced in July 2022, into TuSimple’s ties to Hydron;
(4) the aforementioned conduct enhanced the likelihood of regulatory scrutiny and investigatory action toward the Company; and
(5) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in TSP, you have until January 9, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
What Is The Lead Plaintiff Process?
THE LEAD PLAINTIFF PROCESS: According to the Private Securities Reform Act of 1995, any investor who bought or acquired TSP securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The TuSimple class-action lawsuit is directed by the lead plaintiff. To litigate the TSP Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the TSP Class Action Lawsuit.
Class Action Lawsuit Attorney
Levi & Korsinsky, Securities Class Action Attorney, for over the past 20 years, has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
What Does TSP Do?
TuSimple Holdings Inc., an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and internationally. It intends to produce a line of purpose-built (Level 4) L4 autonomous semi-trucks for the North American market. The company operates its Autonomous Freight Network (AFN) L4 autonomous semi-trucks equipped with its autonomous driving technology. Its AFN is an ecosystem that consists of L4 autonomous semi-trucks, high definition digital mapped routes, terminals, and TuSimple Connect, a cloud-based autonomous operations oversight system. The company was founded in 2015 and is headquartered in San Diego, California.
