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) common stock 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 August 1, 2022. The action, which was filed in the United States District Court for the Southern District of California, alleges that the Company violated federal securities laws.
In particular, the TuSimple lawsuit alleges that (i) TuSimple’s commitment to safety was significantly overstated and defendants concealed fundamental problems with the Company’s technology; (ii) 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; (iii) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (iv) the aforementioned conduct made accidents involving the Company’s autonomous driving technology more likely; (v) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until October 31, 2022 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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