WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of TuSimple Holdings Inc. (NASDAQ: TSP) resulting from allegations that TuSimple may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased TuSimple securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=8026 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email email@example.com or firstname.lastname@example.org for information on the class action.
WHAT IS THIS ABOUT: In April 2022, TuSimple conducted its initial public offering (IPO), selling approximately 33.78 million shares priced at $40.00 per share.
Then on August 1, 2022, before market hours, The Wall Street Journal published an article entitled “Self-Driving Truck Accident Draws Attention to Safety at TuSimple: Leading autonomous-truck developer blames human error, while analysts say it is the technology; regulators are investigating[.]” The article reported, among other things, that an April 6, 2022 accident in which one of TuSimple's autonomously driven trucks “suddenly veered left, cut[ting] across the I-10 highway in Tucson, Ariz., and slammed into a concrete barricade … underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market, according to independent analysts and more than a dozen of the company’s former employees.” While TuSimple reported that the accident was due to a person in the cab not properly rebooting the autonomous driving system before engaging it, “researchers at Carnegie Mellon University said it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading.” The Federal Motor Carrier Safety Administration has launched a "safety compliance investigation" into TuSimple.
On this news, TuSimple’s stock price fell $0.97 per share, or 9%, to close at $8.99 per share on August 1, 2022, representing a 77% decline from its IPO price.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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