Robbins Geller Rudman & Dowd LLP announces an investigation into potential violations of U.S. federal securities laws by Hesai Group (NASDAQ: HSAI) focused on whether Hesai Group and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in this investigation or if you are a Hesai Group investor who suffered a loss and would like to learn more, you can provide your information here:
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org.
THE COMPANY: Hesai Group is a Chinese manufacturer of light detection and ranging (“LiDAR”) products for robots and autonomous vehicles. On February 9, 2023, Hesai Group conducted an initial public offering, selling over 10.12 million American Depository Receipts (“ADRs”) (including the partial exercise of the over-allotment option) at $19.00 per ADR for more than $192 million in gross offering proceeds (the “IPO”).
THE REVELATION: Barely one month later, on March 16, 2023, Hesai Group reported its unaudited financial results for the three months and full year ended December 31, 2022 – the quarter prior to the IPO. In doing so, Hesai Group disclosed that it had suffered a decrease in gross margin compared to the fourth quarter 2021 due to “increased shipments of lower-margin [advanced driver assistance systems] LiDAR products . . . with lower in-house plant capacity utilization rate.” Following this news, the price of Hesai Group ADRs fell to less than $12.00 per ADR, 37% below the IPO price.
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J.C. Sanchez, 800-449-4900