LOS ANGELES, May 17, 2023 /PRNewswire/ -- Glancy Prongay & Murray LLP ("GPM") announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Hesai Group ("Hesai" or the "Company") (NASDAQ: HSAI).
Class Period: February 2023 IPO
Lead Plaintiff Deadline:June 6, 2023
If you wish to serve as lead plaintiff of the Hesai lawsuit, you can submit your contact information at www.glancylaw.com/cases/Hesai-Group/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
In February 2023, Hesai conducted its IPO, selling approximately 10 million American Depository Shares ("ADSs") at $19.00 per ADS.
The next month, on March 16, 2023, Hesai issued a press release announcing its unaudited fourth quarter and full year 2022 financial results. Therein, the Company revealed that in the final quarter before its IPO, the Company experienced a decrease in its gross margin due to "the increased shipments of lower-margin ADAS LiDAR products during the early ramp-up stage with lower in-house plant capacity utilization rate."
On this news, Hesai's share price fell $1.55, or 10.2%, to close at $13.69 per share on March 16, 2023, thereby injuring investors.
The complaint filed alleges that Defendants failed to disclose to investors that: (1) Hesai Group's gross margin decrease was caused by a lower in-house utilization rate; (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; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Glancy Prongay & Murray LLP
