Hesai Group (HSAI) Misleading Offering Case

The defendant has requested the court to dismiss the case.

S.D. New York

Court

1:24-cv-00876

Case number

02/08/2023

Class period Start

04/07/2023

Class period End

06/06/2023

Lead Plaintiff motion deadline

Hesai Group (HSAI) reported its unaudited financial results and disclosed that it had suffered a decrease in gross margin.
$HSAI fell to less than $12.00 per ADR, 37% below the IPO price.
Investors suspect $HSAI & its IPO Service Providers of misleading statements and failure to disclose important information.
On March 16, 2023, Hesai Group (HSAI) reported its unaudited financial results and disclosed that it had suffered a decrease in gross margin compared to the Q4 2021 due to “increased shipments of lower-margin [advanced driver assistance systems] LiDAR products . . . with lower in-house plant capacity utilization rate.” 

On this news, the $HSAI price fell to less than $12.00 per ADR, 37% below the IPO price.

One month earlier, on February 9, 2023, Hesai Group conducted an IPO, selling ADRs at $19.00, for over $192 million in gross offering proceeds.

Taking all representations and appeared facts into account, Investors have reasons to suspect Hesai, its Leaders, and its IPO Service Providers of misleading statements and failure to disclose important information about business prospects.

Case Type

US Securities Class Action

Case Status

Motion to dismiss

Alleged Offence

Misleading Statements,

Financial Misrepresentation,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management,

Investment Bank,

Service Provider

Security Type

Depository Securities (ADS, ADR, GDR)

Trade Direction

Long

Shock Event Date

03/16/2023

Lead Plaintiff Deadline

06/06/2023

Judge

Jesse M. Furman

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