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HSAI.US
id: 635

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