WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of TuSimple Holdings Inc. (NASDAQ: TSP) resulting from allegations that TuSimple may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased TuSimple securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=9655 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
WHAT IS THIS ABOUT: On Sunday, October 30, 2022, The Wall Street Journal published an article titled, “TuSimple Probed by FBI, SEC Over Its Ties to a Chinese Startup”. According to the article, TuSimple was being investigated “into whether it improperly financed and transferred technology to a Chinese startup”.
On October 31, 2022, TuSimple filed a Form 8-K with the SEC. Attached to the Form 8-K was a press release announcing that the Board of Directors of TuSimple (the “Board”) had terminated defendant Xiaodi Hou from his position “as the Chief Executive Officer, President and Chief Technology Officer of the Company and removed Dr. Hou from his position as Chairman of the Board, in each case, effective as of October 30, 2022.”
On this news, TuSimple share prices fell $2.88, or over 45%, to close on October 31,2022, at $3.43 per share.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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