The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired TuSimple Holdings Inc. (“TuSimple” or the “Company”) (NASDAQ: TSP) securities from April 12, 2021 through August 1, 2022, inclusive (the “Class Period”). Investors have until October 31, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
TuSimple engages in the operation and development of autonomous trucks. TuSimple Holdings Inc. operates as a holding company. The Company develops self-driving technologies to meet the demands of heavy-duty and semi-trucks.
On August 1, 2022, The Wall Street Journal published an article alleging, among other things, that an accident in which one of TuSimple’s autonomously driven trucks suddenly veered left, cutting across a highway and slamming into a cement barricade “underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market.” While TuSimple reported that the accident was due to a person in the cab not properly rebooting the autonomous driving system before engaging it, The Wall Street Journal article reported that researchers argue that “it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading.” In addition, the article reported that the Federal Motor Carrier Safety Administration has launched a “safety compliance investigation” into TuSimple. On this news, the price of TuSimple shares declined by $0.97, or approximately 9.73%, from $9.96 per share to close at $8.99 on August 1, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose, inter alia, that: (i) TuSimple’s commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company’s technology; (ii) TuSimple was rushing the testing of its autonomous driving technology in order to deliver driverless trucks to the market ahead of its more safety-conscious competitors; (iii) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (iv) the aforementioned conduct made accidents involving the Company’s autonomous driving technology more likely; (v) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased or otherwise acquired TuSimple securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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