SAN DIEGO, May 02, 2023 (GLOBE NEWSWIRE) —

The class: Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of individuals or companies that purchased or acquired Hesai Group HSAI pursuant to and/or traceable to the registration statement and related prospectus issued in connection with the Company’s initial public offering in February 2023 (“IPO”). The complaint alleges violations of the Securities Act of 1933. Hesai Group claims to be “the world leader in three-dimensional light detection and ranging (LiDAR) solutions.”

What now: Shareholders in a similar situation may be eligible to participate in the class action lawsuit against Hesai Group. Shareholders who wish to be lead plaintiffs in the class action must file their filings by June 6, 2023. A Lead Plaintiff is a representative party acting on behalf of other Class Plaintiffs in the conduct of the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information Here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Hesai Group (HSAI) did not disclose that margins could fall due to a lower “internal facility capacity utilization rate.”

According to the complaint, while the company indicated that margins could decrease, the registration statement issued in support of the company’s IPO did not disclose the extent to which it could decrease or that the decline in gross margin was caused by a lower internal utilization rate . In addition, Hesai Group’s gross margin for the fourth quarter — which ended over a month before the date of the amended registration statement — was 30%.

Since the IPO and as a result of the disclosure of material adverse facts omitted from Hesai Group’s registration statement, Hesai Group’s ADS price has fallen significantly below the IPO price, which is detrimental to members of the class. On April 6, 2023, Hesai Group ADSs closed at $12.17, down 35.9% from the IPO price.

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