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Hesai Group

Securities Class Action

  • Date:
  • 4/11/2023
  • Company Name:
  • Hesai Group
  • Stock Symbol:
  • HSAI
  • Status:
  • Filed
  • Filing Date:
  • 4/7/2023
  • Court:
  • U.S. District Court: Eastern District of New York

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Hesai securities in connection with Hesai Group’s February 2023 IPO (the “Class Period”). Investors have until June 6, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

According to the lawsuit, the Registration Statement contained false and/or misleading statements and/or failed to disclose 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’ public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.
 
If you purchased or otherwise acquired Hesai shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the form below.  There is no cost or obligation to you.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Hesai Group. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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