TuSimple is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose 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.
If you incurred a loss on TSP: (a) securities purchased pursuant and/or traceable to documents issued in connection with TuSimple’s April 15, 2021 initial public offering; and/or (b) securities purchased between April 15, 2021 and October 31, 2022, both dates inclusive, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Southern 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 January 9, 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.