NEW YORK, March 18, 2023 /PRNewswire/ —
FOR WHAT: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of Hesai Group (NASDAQ: HSAI) shareholders arising from allegations that Hesai may have provide misleading business information to the investing public.
SO WHAT: If you purchased Hesai securities, you may be entitled to compensation without payment of out-of-pocket expenses or costs through a contingent fee arrangement. The law firm Rosen is preparing a class action lawsuit seeking to recover the losses of the investors.
WHAT TO DO NEXT: To join the potential class action, go to https://rosenlegal.com/submit-form/?case_id=13347 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] Or [email protected] for more information on the class action.
WHAT DOES IT TALK ABOUT: On March 16, 2023Hesai announced in a press release its unaudited financial results for the three months and the financial year ended December 31, 2022. The company failed to disclose in the restatement that during its fourth quarter ended December 31, 2022 (“4Q2022”), the last quarter completed prior to the Company’s initial public offering (“IPO”), there was “a decline in internal plant capacity utilization rate”, which led to increased shipments of low-margin advanced driver assistance systems (“ADAS”) and light detection and ranging (“LiDAR”) products. Operating loss widened by 84.9% in 4Q2022 compared to the fourth quarter ended in December 31, 2021.
At this news, Hesai’s stock price plummeted. $1.55i.e. 10.17%, to close at $13.69 per share on March 16, 2023.
WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Many of these companies do not bring securities class action lawsuits. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company obtained more than $438 million for investors. In 2020, founding partner Laurence Rosen has been named by law360 as a Titan of the Plaintiffs Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
SOURCE Rosen Law Firm, Pennsylvania