TSP DEADLINE ALARM: Hagens Berman, National Trial
SAN FRANCISCO, Oct. 03, 2022 (GLOBE NEWSWIRE) — Hagens Berman Urges TuSimple Holdings, Inc. (NASDAQ:TSP) Investors who suffered significant losses after the company completed its $1.1 billion IPO in April 2021 Submit your losses now.
TuSimple Holdings Inc. (NASDAQ:TSP) Securities Class Action:
In its offering documents for the IPO, TuSimple promoted its supposedly “industry-leading” L4 autonomous technology specifically designed for semi-trucks and its autonomous freight network, claiming they would make long-distance transportation safer and more reliable.
The complaint alleges that TuSimple’s IPO documents the following: (1) overstates TuSimple’s commitment to security and conceals significant issues with its technology; (2) rushed testing of its autonomous driving systems to launch more safety-conscious competitors; and (3) fostered a corporate culture that ignored safety in favor of ambitious delivery schedules (thereby increasing the likelihood of accidents during testing and increased regulatory scrutiny).
The truth came out on August 1, 2022 when The Wall Street Journal reported that on April 6, 2022, an autonomously driving truck equipped with TuSimple technology suddenly made a left turn, crossed the I-10 freeway in Tucson, AZ and crashed into a concrete barricade. That WSJ further reported that independent analysts and over a dozen former employees said the accident underscored concerns that TuSimple was risking safety on public roads to bring driverless trucks to market, and while TuSimple had repeatedly blamed the accident on human error, The company’s recent regulations disclosure and internal documents show what autonomous driving experts are calling “fundamental issues” with TuSimple’s technology.
This news caused the price of TuSimple shares to fall significantly on August 1, 2022, closing at $8.99, or more than 77% below the IPO price.
“We’re focusing on investor losses and proving that TuSimple prioritizes potential gains over safety,” said Reed…
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