NEW YORK, May 16, 2023 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Hesai Group ("Hesai" or the "Company") (NASDAQ: HSAI) of a class action securities lawsuit.

CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Hesai investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of investors who purchased Hesai Group securities pursuant and/or traceable to the registration statement and related prospectus issued in connection with Hesai’s February 2023 initial public offering. Follow the link below to get more information and be contacted by a member of our team:

https://zlk.com/pslra-1/hesai-lawsuit-submission-form?prid=39422&wire=3

HSAI investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (1) Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate; (2) Hesai Group’s gross margin was 30% for the fourth quarter—which was completed over a month before the date of the amended registration statement; and (3); as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared.

WHAT'S NEXT? If you suffered a loss in Hesai during the relevant time frame, you have until June 6, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.

WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 4th Floor Suite #427
New York, NY 10006
jlevi@levikorsinsky.com 
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com 

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