The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of TuSimple Holdings Inc. (NASDAQ: TSP) who purchased (a) securities pursuant and/or traceable to documents issued in connection with TuSimple’s April 15, 2021 initial public offering; and/or (b) securities between April 15, 2021 and October 31, 2022, both dates inclusive. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the TuSimple lawsuit alleges that (1) TuSimple was engaged in undisclosed related party transactions with Hydron, a company founded by TuSimple's co-founder, Mo Chen; (2) TuSimple shared confidential information and/or proprietary technology with Hydron without the approval of TuSimple's board of directors or informing regulators or TuSimple shareholders; (3) TuSimple failed to disclose the internal investigation by its board of directors into the Company's ties to Hydron, which commenced in July 2022; (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.
Shareholders have until January 9, 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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