LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Hesai Group (“Hesai” or “the Company”) (NASDAQ: HSAI) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Hesai issued a press release on March 16, 2023, announcing its unaudited financial results for the three months and full year ended December 31, 2022. The Company failed to disclose that in the final quarter before its initial public offering (“IPO”), it suffered from a “lower in-house plant capacity utilization rate.” This caused an increase in shipments of low margin products such as advanced driver assistance systems (“ADAS”) and light detection and ranging (“LiDAR”) systems. Based on this news, shares of Hesai fell by more than 10% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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