Hesai Group (HSAI) Tanks After US Claims it is Linked to Beijing’s Military - - Hagens Berman
SAN FRANCISCO - Hagens Berman urges Hesai Group (NASDAQ: HSAI) investors who purchased shares pursuant to Hesai’s Feb. 2023 IPO or on the open market thereafter and suffered substantial losses to submit your losses now.
Contact An Attorney Now: HSAI@hbsslaw.com, 844-916-0895
Hesai Group (NASDAQ: HSAI) Investigation:
In connection with Hesai’s Feb. 2023 IPO and in subsequent filings, the company assured investors that “we are not currently affected by the Entity List or other U.S. export control laws or regulations in any material respect[.]”
But on Jan. 31, 2024, media outlets reported that the U.S. had added more than a dozen PRC-based companies to a list created by the U.S. Department of Defense (“DOD”) to highlight firms it says are allegedly working with Beijing’s military, as part of a broader effort to keep American technology from aiding China. Hesai was among those added to the list known as “Entities Identified as Chinese Military Companies Operating in the United States” or the “Entity List.”
This news sent the price of Hesai American Depositary Shares crashing $1.81 (or about 31%) lower on Feb. 1, 2024 to close at $4.02, 78% below the company’s IPO price.
“We’re investigating whether Hesai may have misled investors about its potential ties to the PRC military,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Hesai Group and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Hesai Group investigation, read more »
Whistleblowers: Persons with non-public information regarding Hesai Group should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email HSAI@hbsslaw.com.
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