TuSimple Holdings Inc.
|Company Name||TuSimple Holdings Inc.|
|Class Period||April 15, 2021 to August 01, 2022|
|Lead Plaintiff Motion Deadline||October 31, 2022|
On August 1, 2022, The Wall Street Journal published an article bringing to light a number of previously undisclosed concerns regarding the Company’s autonomously driven trucks, alleging, among other things, that an accident involving a truck fitted with TuSimple’s autonomous driving technology “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 stock fell $0.97, or 9.7%, to close at $8.99 per share on August 1, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) TuSimple’s commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company’s technology; (2) 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; (3) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (4) the aforementioned conduct made accidents involving the Company’s autonomous driving technology more likely; (5) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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