NEW YORK, NY / ACCESSWIRE / December 5, 2022 / Pomerantz LLP is investigating claims on behalf of investors of TuSimple Holding Inc. ('TuSimple' or the 'Company') (NASDAQ:TSP). Such investors are advised to contact Robert S. Willoughby at email@example.com 888-476-6529, ext. 7980.
The investigation concerns whether TuSimple and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 15, 2021, TuSimple conducted its initial public offering ('IPO'), selling 33.8 million shares of class A common stock at $40.00 per share. On October 30, 2022, The Wall Street Journal published an article entitled 'TuSimple Probed by FBI, SEC Over Its Ties to a Chinese Startup'. The article reported that TuSimple was the subject of investigation 'into whether it improperly financed and transferred technology to a Chinese startup.' Then, on October 31, 2022, TuSimple issued a press release announcing that TuSimple's Board of Directors had terminated Xiaodi Hou from his position 'as the Chief Executive Officer, President and Chief Technology Officer of the Company and removed Dr. Hou from his position as Chairman of the Board, in each case, effective as of October 30, 2022.' Since the IPO, TuSimple's stock price has fallen more than 90%, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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