Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against TuSimple Holdings, Inc. (“TuSimple”) (NASDAQ: TSP) on behalf of investors who purchased shares of the Company’s stock between April 15, 2021 and October 31, 2022.
On or about April 15, 2021, TuSimple completed its initial public offering (“IPO”) of common stock, selling 33.8 million shares of stock to investors at $40.00 per share.
The shareholder complaint alleges that the Company’s IPO materials filed with the U.S. Securities and Exchange Commission (“SEC”) were materially false and misleading, and omitted to state: (i) that TuSimple was engaged in undisclosed related party transactions with Hydron, a company founded by Defendant Chen; and (ii) that TuSimple shared confidential information and/or proprietary technology with Hydron without Board approval or informing regulators or TuSimple shareholders.
On October 31, 2022, TuSimple disclosed that its Board of Directors 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.” Following this news, TuSimple share price fell $2.88, or over 45%, to close on October 31, 2022 at $3.43 per share, on heavy trading volume.
Current TuSimple stockholders who purchased or acquired shares of the Company’s stock prior to January 1, 2022 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by completing this form on this page, for additional information about this action and their legal rights and options.