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TuSimple Holdings, Inc.

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 New York on behalf of those who acquired TuSimple Holdings Inc. (“TuSimple”) (NASDAQ: TSP) securities pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with TuSimple’s April 15, 2021 initial public offering (“IPO”); and/or (b) that purchased or otherwise acquired TuSimple securities between April 15, 2021 through October 31, 2022, both dates inclusive (the “Class Period”). Investors have until January 9, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
TuSimple develops autonomous technology specifically designed for semi-trucks in the United States and internationally.
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.
On Sunday, October 30, 2022, The Wall Street Journal published an article titled, “TuSimple Probed by FBI, SEC Over Its Ties to a Chinese Startup”. According to the article, TuSimple was being investigated “into whether it improperly financed and transferred technology to a Chinese startup”.
On October 31, 2022, TuSimple filed a Form 8-K with the SEC. Attached to the Form 8- K was a press release announcing that the Board of Directors of TuSimple (the “Board”) had terminated Defendant Xiaodi Hou from his position “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 declined by $2.88 per share, or approximately 45.64%, from $6.31 per share to close at $3.43 per share on October 31,2022.
The lawsuit alleges that, 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; and (4) the aforementioned conduct enhanced the likelihood of regulatory scrutiny and investigatory action toward the Company.

TuSimple Holdings, Inc. Investor Contact Form