A lawsuit was filed on behalf of investors in Hesai Group (NASDAQ: HSAI) shares over alleged securities laws violations.
An investor, who purchased shares of Hesai Group (NASDAQ: HSAI), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Hesai Group in connection with certain allegedly false and misleading statements made in connection with Hesai’s February 2023 initial public offering (the “IPO”).
Investors who purchased shares of Hesai Group (NASDAQ: HSAI), have certain options and for certain investors are short and strict deadlines running. Deadline: June 6, 2023. NASDAQ: HSAI investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
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.
According to the complaint the plaintiff alleges on behalf of purchasers of Hesai Group (NASDAQ: HSAI) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the Registration Statement contained false and/or misleading statements and/or failed to disclose that Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate, that Hesai Group’s gross margin was 30% for the fourth quarter-which was completed over a month before the date of the amended registration statement, and that as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.
Those who purchased shares of Hesai Group (NASDAQ: HSAI) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
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.
This release was published on openPR.