Hesai Group (NASDAQ: HSAI)

This lawsuit is for anyone who acquired securities in Hesai Group (NASDAQ: HSAI) from February 6, 2023 through April 7, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company’s IPO, the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by failing to timely inform investors that the Company was experiencing a decrease in its gross margin.

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, the price of the Company’s stock dropped precipitously on unusually heavy trading volume and traded lower at the time of the lawsuit than at the time of the IPO.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Hesai Group (NASDAQ: HSAI) from February 6, 2023 through April 7, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.