NEW YORK, July 07, 2024 (GLOBE NEWSWIRE) — 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.
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On May 20, 2024, Hesai issued a press release announcing its unaudited financial results for the first quarter of 2024. Among other items, Hesai reported revenue of $19.28 million, representing a year-over-year decline of 59.2% and missing consensus estimates by $27.68 million. In addition to “typical seasonal factors,” Hesai’s Chief Executive Officer cited “slower demand in our robotaxi business compared with the previous year.”
On this news, Hesai’s American depositary receipt price fell $0.73 per share, or 13.88%, to close at $4.53 per share on May 21, 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.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
