New York, New York--(Newsfile Corp. - May 24, 2023) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, is reminding investors that the deadline to move for lead plaintiff in a securities class action lawsuit against Hesai Group (NASDAQ: HSAI) ("Hesai" or the "Company") and certain other defendants (collectively, "Defendants") is June 6, 2023.
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The action, which was filed in the U.S. District Court for the Eastern District of New York, asserts claims under Section 11, 12(a)(2), and Section 15 of the Securities Act of 1933 (the "Securities Act") on behalf of a Class consisting of all persons who purchased or otherwise acquired Trinseo securities between February 2023 and the present, inclusive (the "Class Period"), and who were damaged thereby (the "Class").
According to the lawsuit, the IPO 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.
When the truth about Hesai's business reached the market, according to the Complaint, Hesai's stock precipitously declined, thereby injuring investors.
Lead Plaintiff Deadline
The Lead Plaintiff deadline in this action is June 6, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.
What You Can Do
If you purchased Hesai securities during the Class Period, and suffered damages, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312, or jzimmerman@scott-scott.com, for more information.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.
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CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
(888) 398-9312
jzimmerman@scott-scott.com
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Published by: Newsfile Corp .