Did you lose money on investments in Hesai Group? If so, please visit Hesai Group Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, April 12, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired the securities of Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Hesai Group’s February 2023 initial public offering (the “IPO” or “Offering”). The lawsuit was filed in the United States District Court for the Eastern District of New York and alleges violations of the Securities Exchange Act of 1933.
Hesai Group purports to be “the global leader in three-dimensional light detection and ranging (LiDAR) solutions.” The Company’s LiDAR products purport to enable a broad spectrum of applications across (i) passenger or commercial vehicles with advanced driver assistance systems, or ADAS, (ii) autonomous vehicle fleets providing passenger and freight mobility services, or Autonomous Mobility, and (iii) other applications such as last-mile delivery robots, street sweeping robots, and logistics robots in restricted areas, or Robotics.
On or about January 17, 2023, Hesai filed with the SEC a Registration Statement on Form F-1, which in combination with a subsequent amendment on Form F-1/A (the “Amended Registration Statement”) and filed pursuant to Rule 424(b)(4), would be used for the IPO.
On February 9, 2023, Hesai filed with the SEC its final prospectus for the IPO on Form 424B4 (the “Prospectus”), which forms part of the Registration Statement. In the IPO, Hesai sold approximately 10 million American Depositary Shares (“ADSs”) at $19.00 per ADS.
Plaintiff alleges that Defendants’ statements in the Registration Statement were materially false and misleading when made because: (1) Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate; and (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.
The Registration Statement allegedly made numerous materially misleading statements about the Company’s margin. While the Company disclosed that it expected that its margin would decrease in the Fourth Quarter of 2022, it did not disclose the extent (which it would have been aware of by February 2, 2023, when the Amended Registration Statement was filed), or why it had decreased.
In the section of the Amended Registration Statement section on “Key Factors Affecting Our Results of Operations - Our Ability to optimize the pricing and mix of our LiDAR Products”, the Company did not disclose that it was increasingly relying on sales of lower-margin products as a result of a “lower in-house plant capacity utilization rate.”
Since the IPO, the price of Hesai’s ADS has fallen over 35%, closing at $12.17 per ADS on April 6, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than June 6, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired Hesai securities, and/or would like to discuss your legal rights and options please visit Hesai Group Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
