Press release
Investors who lost money with Hesai Group (NASDAQ: HSAI) should contact the Shareholders Foundation
An investigation for investors in Hesai Group (NASDAQ: HSAI) shares over potential securities laws violations by Hesai Group.
Investors who purchased shares of Hesai Group (NASDAQ: HSAI), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Hesai Group (NASDAQ: HSAI) concerning whether a series of statements by Hesai Group regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
China based Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR). Hesai Group reported that its annual Total Revenue rose from 720.76 million CNY in 2021 to over 1.2 billion CNY in 2022, and that its Net Loss increased from 244.82 million CNY in 2021 to 300.76 million CNY in 2022.
In February 2023, Hesai Group conducted its initial public offering, selling 10 million American Depository Receipts ("ADRs") at $19,00 per ADR.
On March 16, 2023, Hesai Group announced its unaudited fourth quarter and full year 2022 financial results. Hesai Group revealed that in the final quarter before its IPO, the Company experienced a decrease in its gross margin due to "the increased shipments of lower-margin ADAS LiDAR products during the early ramp-up stage with lower in-house plant capacity utilization rate."
Shares of Hesai Group (NASDAQ: HSAI) declined to as low as $11.60 per share on March 20, 2023.
Those who purchased shares of Hesai Group (NASDAQ: HSAI) 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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