SAN DIEGO--(BUSINESS WIRE)--The Class: Robbins LLP informs investors that a shareholder filed a class action on behalf of persons or entities who purchased or acquired Hesai Group (NASDAQ: HSAI) pursuant and/or traceable to the registration statement and related prospectus issued in connection with the Company's February 2023 initial public offering ("IPO"). The complaint alleges violations of the Securities Act of 1933. Hesai Group purports to be "the global leader in three-dimensional light detection and ranging (LiDAR) solutions."
What Now: Similarly situated shareholders may be eligible to participate in the class action against Hesai Group. Shareholders who want to act as lead plaintiff for the class must file their papers by June 6, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What is this Case About: Hesai Group (HSAI) Failed to Disclose that Margins Might Decrease Because of a Lower "In-House Plant Capacity Utilization Rate"
According to the complaint, while the Company stated that margins may decrease, the registration statement issued in support of the Company's IPO failed to disclose the extent to which it might decrease or that its gross margin decrease was caused by a lower in-house utilization rate. Further, Hesai Group’s gross margin was 30% for the fourth quarter—which was completed over a month before the date of the amended registration statement.
Since the IPO, and as a result of the disclosure of material adverse facts omitted from Hesai Group's registration statement, Hesai Group’s ADS price has fallen substantially below its IPO price, damaging class members. As of April 6, 2023, Hesai Group’s ADSs closed at $12.17, a 35.9% decline from the IPO price.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Hesai Group settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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