BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) investors concerning the Company’s possible violations of federal securities laws.
In February 2023, Hesai conducted its initial public offering, selling 10 million American Depository Receipts (“ADRs”) at $19.00 per ADR.
The next month, on March 16, 2023, Hesai announced its unaudited fourth quarter and full year 2022 financial results. Therein, the Company 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.”
On this news, Hesai’s share price fell $1.55, or 10.2%, to close at $13.69 per share on March 16, 2023, thereby injuring investors.
If you purchased Hesai securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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