SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Hesai Group - HSAI

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Hesai Group ("Hesai" or the "Company") (NASDAQ: HSAI). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

The investigation concerns whether Hesai and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

[Click here for information about joining the class action]

On or around February 9, 2023, Hesai conducted its initial public offering ("IPO"), selling 10 million American depositary receipts ("ADRs") priced at $19.00 per ADR.

Then, on January 31, 2024, the U.S. Department of Defense added more than a dozen Chinese companies, including Hesai, to a list of countries allegedly working with China's military, as part of a broader effort to keep American technology from aiding China. 

On this news, Hesai's stock price fell $1.81 per ADR, or 31.05%, to close at $4.02 per ADR on February 1, 2024.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980

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SOURCE Pomerantz LLP