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TSP.US
id: 428
On October 30, 2022, TuSimple stock declined more than 45% losing over $0.5 billion of its market cap on the news that government authorities are investigating whether the Company defrauded investors by financing and transferring technology to China-backed Hydron.

According to WSJ, "Investigators at the FBI and SEC are looking at whether TuSimple and its executives—principally Chief Executive Xiaodi Hou—breached fiduciary duties and securities laws by failing to properly disclose the relationship, the people familiar with the matter said. They are also probing whether TuSimple shared with Hydron intellectual property developed in the U.S. and whether that action defrauded TuSimple investors by sending valuable technology to an overseas adversary, the people said."

Later the Company announced the resignation of its CEO, Xiaodi Hou.

Investors have all reasons to suspect that the Leaders of TuSimple breached their fiduciary duties to shareholders.

Alleged Offence
Fraud
Failure to Disclose
Breach of Fiduciary duty
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
30 October 2022
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Tusimple Holdings Inc

TuSimple Holdings Inc., an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and Asia-Pacific region. It intends to produce a ...

    Ticker
    TSP.US
    ISIN
    US90089L1089
    CIK
    1823593
    Sector
    Industrials
    Industry
    Trucking
    Country
    USA
    Address
    9191 Towne Centre Drive, San Diego, CA, United States, 92122