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HSAI.US
id: 635

Hesai Group (HSAI) Misleading Offering Case

S.D. New York
Court
1:24-cv-00876
Case number
08 Feb 2023
Class period Start
07 Apr 2023
Class period End
06 Jun 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 Status
Lead Plaintiff Appointed
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
16 March 2023
Lead Plaintiff Deadline
06 June 2023
Judge
Jesse M. Furman
Collecting participants…

Hesai Group American Depositary Share, each ADS represents one Class B ordinary share

Hesai Group, through with its subsidiaries, engages in the development, manufacture, and sale of three-dimensional light detection and ranging solutions (LiDAR) in Mainland China, Europe, North Ame...

    Ticker
    HSAI.US
    CIK
    1861737
    Sector
    Consumer Cyclical
    Industry
    Auto Parts
    Country
    USA
    Address
    Building L2-B, Shanghai, China, 201702