Hesai Lawsuit Loss Submission Form

The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Hesai Group (NASDAQ: HSAI) who purchased securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Hesai’s February 2023 initial public offering. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.

In particular, the Hesai lawsuit alleges that (1) Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate; (2) Hesai Group’s gross margin was 30% for the fourth quarter—which was completed over a month before the date of the amended registration statement; and (3); as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.

Shareholders have until June 6, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.

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