NEW YORK, April 22, 2023 — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) and reminds investors of the June 6, 2023 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Hesai Group’s initial public offering conducted on or about February 9, 2023 (the “IPO” or “Offering”) and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/HSAI.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
According to the lawsuit, the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate; (2) 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; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Hesai’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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