| COMPANY |
Hesai Group |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
23-cv-02634 |
| JUDGE |
The Hon. Dora L. Irizarry |
| CLASS PERIOD |
Pursuant and/or traceable to Hesai's IPO in February 2023 |
| SECURITY TYPE |
Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Hesai Group (NASDAQ: HSAI) (“Hesai”) securities pursuant and/or traceable to Hesai’s initial public offering conduced in February 2023 (the “IPO”).
The complaint filed in this class action alleges that Hesai’s IPO Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Hesai’s gross margin decrease was caused by a lower in-house utilization rate; (2) Hesai’s gross margin was 30% for the fourth quarter—which was completed over a month before the date of the amended registration statement; and (3) as a result, Defendants’ public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.
Current Status of Case:
Motions to appoint the Lead Plaintiff were filed on June 6, 2023 and the Court has not yet ruled on those motions. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.