INVESTOR ALERT: BERGER MONTAGUE PC Announces That The Firm Has Filed A Securities Fraud Class Action Lawsuit Against TuSimple Holdings, Inc. (NASDAQ: TSP)

PHILADELPHIA, Sept. 20, 2022 /PRNewswire/ -- Berger Montague informs investors that the firm has filed a securities fraud class action lawsuit in the United States District Court for the Southern District of California against TuSimple Holdings, Inc. ("TuSimple") (NASDAQ: TSP) on behalf of those who purchased TuSimple: (a) common stock pursuant and/or traceable to the TuSimple's April 15, 2021 initial public offering ("IPO"); and/or (b) securities between April 15, 2021 and August 1, 2022, both dates inclusive (the "Class Period"). This action is captioned Dicker v. TuSimple Holdings, Inc., et al., Case No. 3:22-cv-01300-LL-MSB.

Investor Deadline: Investors who purchased or acquired TuSimple securities between April 15, 2021 and August 1, 2022 may no later than October 31, 2022, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/tusimple/ 

TuSimple develops autonomous technology specifically designed for semi-trucks in the United States and internationally. It is developing a line of purpose-built Level 4 ("L4") autonomous semi-trucks for the North American market. TuSimple operates its Autonomous Freight Network ("AFN") L4 autonomous semi-trucks equipped with its autonomous driving technology. According to TuSimple, AFN is an ecosystem that consists of L4 autonomous semi-trucks, high-definition digital mapped routes, terminals, and TuSimple Connect, a cloud-based autonomous operations oversight system.

On April 15, 2021, TuSimple effected its IPO, selling 33.8 million class A common shares at $40.00 per share, generating $1.031 billion in gross proceeds. The complaint alleges that the Registration Statement contained materially false and misleading statements of fact and failed to disclose facts required to be disclosed therein regarding TuSimple's business, operations, and prospects.

The truth emerged on August 1, 2022, when the Wall Street Journal published an article titled "Self-Driving Truck Accident Draws Attention to Safety at TuSimple," which brought to light a number of previously undisclosed concerns that undermined the defendants' representations and omissions concerning TuSimple's safety. The article referenced an April 6, 2022, accident involving a truck fitted with TuSimple's autonomous driving technology.

Following 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.

The complaint alleges that in the Registration Statement and throughout the Class Period, the defendants made materially false or misleading statements and/or failed to disclose that: (i) TuSimple's commitment to safety was significantly overstated and the defendants concealed fundamental problems with TuSimple's technology; (ii) 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; (iii) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (iv) the aforementioned conduct made accidents involving TuSimple's autonomous driving technology more likely; (v) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward TuSimple; and (iv) as a result, TuSimple's public statements were materially false and misleading at all relevant times.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contacts:
James Maro, Senior Counsel
Berger Montague
(215) 875-3093
[email protected] 

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected] 

SOURCE Berger Montague

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