Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Hesai Group (NASDAQ: HSAI) securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Hesai’s initial public offering conducted on or about February 9, 2023 (the “IPO”) that suffered compensable damages have until June 6, 2023 to seek appointment as lead plaintiff of the Hesai class action lawsuit. Captioned Pacella v. Hesai Group, No. 23-cv-02634 (E.D.N.Y.), the Hesai class action lawsuit charges Hesai, its duly authorized representative in the United States, certain of its top executives, directors, and IPO underwriters with violations of the Securities Act of 1933.
If you suffered substantial losses and wish to serve as lead plaintiff of the Hesai class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Hesai purports to produce light detection and ranging (“LiDAR”) products designed to enable a broad spectrum of applications in the autonomous transportation industry.
The Hesai class action lawsuit alleges that the IPO’s offering documents were false and/or misleading and/or failed to disclose that: (i) Hesai’s gross margin decrease was caused by a lower in-house utilization rate; and (ii) Hesai’s gross margin was 30% for the fourth quarter – which was completed over a month before the date of its amended registration statement.
Since the IPO, and as a result of the disclosure of material adverse facts omitted from Hesai’s offering documents, the price of Hesai American Depositary Shares has fallen substantially below their $19.00 per share IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Hesai securities pursuant and/or traceable to the offering documents issued in connection with Hesai’s IPO that suffered compensable damages to seek appointment as lead plaintiff in the Hesai class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Hesai class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Hesai class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Hesai class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.
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