LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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In February 2023, Hesai conducted its initial public offering, selling 10 million American Depository Receipts (“ADRs”) at $19,00 per ADR.
The next month, on March 16, 2023, Hesai announced its unaudited fourth quarter and full year 2022 financial results. Therein, the Company revealed that in the final quarter before its IPO, the Company experienced a decrease in its gross margin due to “the increased shipments of lower-margin ADAS LiDAR products during the early ramp-up stage with lower in-house plant capacity utilization rate.”
On this news, Hesai’s share price fell $1.55, or 10.2%, to close at $13.69 per share on March 16, 2023, thereby injuring investors.
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If you purchased Hesai securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
