TuSimple Holdings Inc. (TSP) Officers and Directors Under Investigation for Possible False Statements About the Company’s Semi-Truck Autonomous Driving Technology
Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of TuSimple Holdings, Inc. (NASDAQ: TSP) relating to possible false and misleading statements to investors about the safety of its autonomous driving technology designed for semi-trucks.
TuSimple and five of its executive officers are currently subject to a class action securities lawsuit in the U.S. District Court for the Southern District of California alleging certain false and misleading statements concerning the safety of the company’s semi-truck autonomous driving technology. Since TuSimple effected its IPO on April 15, 2021, the company has publicly touted its commitment to safety, describing itself as a “self-driving company with the mission to improve the safety and efficiency of the trucking industry.”
On August 1, 2022, a Wall Street Journal (WSJ) article revealed alarming safety concerns related to TuSimple’s semi-truck technology and provided reason to believe that TuSimple’s public commitment to safety was a false and empty promise. The article exposed the details of an April 2022 accident involving an autonomously driven truck fitted with TuSimple technology. The Federal Motor Carrier Safety Administration launched an investigation into the matter. Although TuSimple attributed the accident to human error, regulatory disclosures and internal company documents point to “fundamental problems with the company’s technology,” and a former safety engineer at the company described the company’s lax and dismissive culture surrounding vehicle safety. In other words, TuSimple may have prioritized rushing its technology to the market over complying with important safety regulations.
Upon publication of the WSJ article, TuSimple’s share price fell by close to 10%. Since the company’s IPO in April 2021, the company’s stock price has declined by over 82%.
The Schubert Firm is investigating potential breaches of fiduciary duty by TuSimple’s officers and directors in connection with these allegations. If you own stock in TuSimple and wish to obtain additional information about your legal rights, please complete the form below for a free legal consultation.
