NEW YORK, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the securities of TuSimple Holdings, Inc. (NASDAQ: TSP): (i) pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with TuSimple’s April 15, 2021 initial public offering (“IPO”); and/or (ii) between April 15, 2021 and October 31, 2022, both dates inclusive (the “Class Period”).

The Complaint alleges that throughout the Class Period and in connection with the IPO effected by means of the Registration Statement, Defendants made materially false or misleading statements and/or failed to disclose that: (1) TuSimple was engaged in undisclosed related party transactions with Hydron, a company founded by Defendant Mo Chen; (2) TuSimple shared confidential information and/or proprietary technology with Hydron without Board approval or informing regulators or TuSimple shareholders; (3) TuSimple failed to disclose the Board’s internal investigation, which commenced in July 2022, into TuSimple’s ties to Hydron; (4) the aforementioned conduct enhanced the likelihood of regulatory scrutiny and investigatory action toward the Company; and (5) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Investors who purchased or otherwise acquired shares of TuSimple should contact the Firm prior to the January 9, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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