NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of California on behalf of those who acquired TuSimple Holdings Inc. ( “TuSimple” or the “Company”) (NASDAQ: TSP) Securities from April 12, 2021 through August 1, 2022 (the “Collection Period”), including shares acquired in or attributable to TuSimple’s April 2021 IPO. Investors have until October 31, 2022 to apply to the court to be named lead plaintiff in the lawsuit.

TuSimple develops self-driving technologies to meet the needs of heavy-duty and semi-trailer trucks.

on August 1, 2022, The Wall Street Journal published an article that brought to light a number of previously undisclosed concerns about the company’s autonomous trucks, claiming, among other things, that an accident involving a truck equipped with TuSimple’s autonomous driving technology “underscores concerns That the autonomous driving company is risking safety According to independent analysts and more than a dozen former employees of the company, public roads are in a rush to launch driverless trucks.” TuSimple shares fell $0.97 on the news or about 9.73% from $9.96 per share to a closing price of $8.99 on August 1, 2022.

The lawsuit alleges that throughout the class period: (i) TuSimple’s stated commitment to security was grossly exaggerated and the defendants concealed fundamental issues with the company’s technology; (ii) TuSimple accelerated testing of its autonomous driving technology to bring driverless trucks to market ahead of its more safety-conscious competitors; (iii) there was a corporate culture within TuSimple that suppressed or ignored security concerns in favor of unrealistically ambitious testing and delivery schedules; (iv) the aforesaid conduct…