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id: 635, Created by Stan Vick, Scout
Hesai Group (HSAI) Misleading Offering Case
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E.D. New YorkCourt
- 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.
Failure to Disclose,
Depository Securities (ADS, ADR, GDR)
Shock Event Date
16 March 2023
Lead Plaintiff Deadline
06 June 2023
08 June 2023
Two big Law Firms submitted separate bids to lead a proposed class of shareholders in a suit against Hesai Group alleging that the Chinese company misled investors regarding the extent to which its gross margins were declining leading up to its February IPO.
Next Milestone: The Judge will appoint Lead Plaintiff (s) and Lead Counsel (s) to represent the class in the court.