Class Action Filed to Recover Losses for TUSimple Investors
BERGER MONTAGUE PC FILES CLASS ACTION TO RECOVER LOSSES FOR INVESTORS WHO PURCHASED TUSIMPLE HOLDINGS, INC. (NASDAQ: TSP)
PHILADELPHIA, September 1, 2022 – Berger Montague has filed a class action lawsuit in the United States District Court for the Southern District of California on behalf of investors who purchased the securities of TuSimple Holdings, Inc. (“TuSimple” or the “Company”) (NASDAQ: TSP) from April 15, 2021 and August 1, 2022 (the “Class Period”).
The complaint alleges that TuSimple, members of senior management, and underwriters of the Company’s initial public offering (“IPO”) violated Sections 11 and 15 of the Securities Act of 1933, as well as Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission.
If you are a member of the proposed Class, you may move the court no later than 60 days from the date of this notice to serve as a lead plaintiff for the proposed Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
If you suffered losses, would like to discuss Berger Montague’s investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/tusimple/
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the complaint, on August 1, 2022, the Wall Street Journal published an article entitled “Self-Driving Truck Accident Draws Attention to Safety at TuSimple,” which brought to light a number of previously undisclosed concerns that undermined Defendants’ representations and omissions concerning the safety of the Company’s autonomous driving technology. The article referenced an April 6, 2022 accident involving a truck fitted with TuSimple’s technology, and reported that, among other things, “[t]he accident… 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.”
On this news, TuSimple’s shares fell $0.97 per share, or nearly 10%, from a closing price of $9.96 per share on July 29, 2022 to a closing price of $8.99 per share on August 1, 2022.