SAN DIEGO, Oct. 31, 2022 (GLOBE NEWSWIRE) —

The class: Law Firm Shareholder Rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons who have acquired common stock of TuSimple Holdings, Inc. (NASDAQ: TSP): (a) pursuant to the registration statement related to the Company’s April 2021 IPO (“ IPO”); or (b) between April 15, 2021 and August 1, 2022. TuSimple develops autonomous technology specifically designed for semi-trucks in the United States and internationally.

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What is it about in this case: TuSimple Holdings, Inc. (TSP) made false and misleading statements regarding its security commitment in connection with its IPO

According to the complaint, on April 15, 2021, TuSimple completed its IPO and sold 33.8 million Class A common shares at $40.00 per share for gross proceeds of $1.031 billion. On August 1, 2022, the Wall Street Journal published an article titled “Self-Driving Truck Accident Raises Safety at TuSimple,” which brought to light a number of previously undisclosed concerns that undermined the defendants’ representations and omissions regarding the company’s safety. The article referenced an April 6, 2022 accident involving a truck equipped with TuSimple’s autonomous driving technology, noting that regulators made the accident public in June after TuSimple published a report on the incident, which “underscores concern that the autonomous transportation company is risking safety on public roads in a rush to launch driverless trucks, according to independent analysts and more than a dozen former employees of the company.” The company’s stock rose nearly 10% to close at $8.99 per share on August 1, 2022.

The registration statement supporting the IPO did not include, among other things: (i) TuSimple’s commitment to security was…