| 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 |
Hesai investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than June 12, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
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”).
Case Background:
In February 2023, Hesai conducted its IPO, selling 10 million American Depository Receipts (“ADRs”) at $19.00 per ADR.
Then on March 16, 2023, Hesai announced its unaudited fourth quarter and full year 2022 financial results. Therein, Hesai 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.”
Following this news, Hesai’s share price fell $1.55, or 10.2%, to close at $13.69 per share on March 16, 2023.
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.
If you are a member of the class described above, you may no later than June 6, 2023 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
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.