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TSP.US
id: 428, Created by Stan Vick, Scout
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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