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Hesai is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose 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.
If you incurred a loss on HSAI securities purchased pursuant and/or traceable to the registration statement and related prospectus issued in connection with Hesai’s February 2023 initial public offering, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Eastern District of New York, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until June 6, 2023 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
See If you Qualify for Monetary RewardLoss Submission Form