The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of TuSimple Holdings Inc. (TSP) Investors

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The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired TuSimple Holdings Inc. (“TuSimple” or the “Company”) (NASDAQ: TSP) investors who: (a) purchased common stock pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s April 15, 2021 initial public offering (“IPO”) and/or (b) purchased securities between April 15, 2021 and August 1, 2022, inclusive (the “Class Period”). TuSimple investors have until October 31, 2022 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On April 15, 2021, TuSimple conducted its IPO, selling 33.8 million class A common shares at $40.00 per share.

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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If you purchased TuSimple securities during the Class Period, you may move the Court no later than October 31, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased TuSimple securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of TuSimple Holdings Inc. (TSP) Investors

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