NEW YORK, May 27, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Hesai and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On or around February 9, 2023, Hesai conducted an initial public offering (the “IPO”), selling over 10.12 million American Depository Receipts (“ADRs”) (including the partial exercise of the over-allotment option) at $19.00 per ADR for more than $192 million in gross offering proceeds. Barely one month later, on March 16, 2023, Hesai reported its unaudited financial results for the three months and full year ended December 31, 2022—the quarter prior to the IPO. Among other items, Hesai disclosed that it had suffered a decrease in gross margin compared to the fourth quarter 2021 due to “increased shipments of lower-margin [advanced driver assistance systems] LiDAR products . . . with lower in-house plant capacity utilization rate.”
Following this news, the price of Hesai ADRs fell to less than $12.00 per ADR, 37% below the IPO price.
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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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