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Lawsuit filed for Investors in shares of TuSimple Holdings Inc. (NASDAQ: TSP) over alleged Violations of Securities Laws

09-07-2022 10:44 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in TuSimple Holdings Inc. (NASDAQ: TSP) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in TuSimple Holdings Inc. (NASDAQ: TSP) shares over alleged securities laws violations.

An investor, who purchased shares of TuSimple Holdings Inc. (NASDAQ: TSP), filed a lawsuit over alleged violations of Federal Securities Laws by TuSimple Holdings Inc..

Investors who purchased shares of TuSimple Holdings Inc. (NASDAQ: TSP) have certain options and for certain investors are short and strict deadlines running. Deadline: October 31, 2022. NASDAQ: TSP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Diego, CA based TuSimple Holdings Inc., an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and internationally. In April 2021, TuSimple Holdings Inc. conducted its initial public offering ("IPO"), selling approximately 33.78 million shares priced at $40.00 per share.
Then on August 1, 2022, before market hours, The Wall Street Journal published an article entitled "Self-Driving Truck Accident Draws Attention to Safety at TuSimple: Leading autonomous-truck developer blames human error, while analysts say it is the technology; regulators are investigating[.]" The article reported, among other things, that an April 6, 2022 accident in which one of TuSimple's autonomously driven trucks "suddenly veered left, cut[ting] across the I-10 highway in Tucson, Ariz., and slammed into a concrete barricade … 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." While TuSimple reported that the accident was due to a person in the cab not properly rebooting the autonomous driving system before engaging it, "researchers at Carnegie Mellon University said it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading." The Federal Motor Carrier Safety Administration has launched a "safety compliance investigation" into TuSimple.

Shares of TuSimple Holdings Inc. (NASDAQ: TSP) declined from $10.85 per share on July 21, 2022, to $8.83 per share on August 3, 2022.

The plaintiff claims that the defendants made materially false or misleading statements and/or failed to disclose, inter alia, that TuSimple Holdings' commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company's technology, that TuSimple Holdings 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, that TuSimple Holdings there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules, that the aforementioned conduct made accidents involving the Company's autonomous driving technology more likely, that the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of TuSimple Holdings Inc. (NASDAQ: TSP) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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