Shares of Hesai Group fell over 10% in intraday trading on Tuesday, March 18, 2025, after Blue Orca Capital published a report alleging that the company is a “Chinese scam actively lying to investors, the Department of Defense, and a United States federal court” and that it significantly overstated its revenue from 2019-2023. Gibbs Mura is investigating a potential Hesai Group (NASDAQ: HSAI) Securities Class Action Lawsuit on behalf of shareholders who lost money in Hesai Group.

What Should Hesai Group Investors Do?

If you invested in Hesai Group, visit our Hesai Group investigation webpage, or call us at (888) 410-2925 to get more information about how you may be able to recover your losses. Our investigation concerns whether Hesai Group has violated federal securities laws by providing false or misleading statements to investors.

What is the Hesai Group (HSAI) Lawsuit Investigation About?

On March 18, 2025, Blue Orca Capital published a report alleging that Hesai Group is a “Chinese scam actively lying to investors, the Department of Defense, and a United States federal court.” The report claims that while Hesai has insisted that it has no involvement with the Chinese military, Blue Orca has found “clear smoking-gun photographic and video evidence that Chinese military vehicles are outfitted with Hesai LiDAR systems.” Additionally, the report addresses concerns about Hesai Group’s financial disclosures, alleging that the company’s revenues appear inconsistent with its largest customer's purchasing volumes, and its margins “defy the laws of financial physics.” Blue Orca asserts that Hesai’s “largest customer didn’t purchase enough liDar for the company’s reported revenue to be true,” and suggests that Hesai Group overstated revenue by 48-67% from 2019-2023.

Following this news, shares of Hesai Group dropped over 10% in intraday trading on March 18, 2025, causing harm to investors.

About Gibbs Mura

Gibbs Mura represents investors nationwide in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”

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On March 18, 2025, Blue Orca Capital published a report alleging that Hesai Group is a “Chinese scam actively lying to investors, the Department of Defense, and a United States federal court.”