According to the Complaint, TuSimple Holdings, Inc. describes itself as “a self-driving technology company with the mission to improve the safety and efficiency of the trucking industry.” The Company, founded in 2015, is principally engaged in the operation and development of autonomous trucks and an autonomous freight network.

On April 15, 2021, TuSimple effected its IPO, selling 33.8 million class A common shares at $40.00 per share, generating $1.031 billion in gross proceeds.

The Complaint alleges that during the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and compliance policies. Specifically, the Complaint alleges these statements misrepresented and/or failed to disclose that: (i) TuSimple’s commitment to safety was significantly overstated and Defendants concealed fundamental problems with the Company’s technology; (ii) TuSimple was rushing the testing of its autonomous driving technology in order to deliver driverless trucks to the market ahead of its more safety-conscious competitors; (iii) there was a corporate culture within TuSimple that suppressed or ignored safety concerns in favor of unrealistically ambitious testing and delivery schedules; (iv) the aforementioned conduct made accidents involving the Company’s autonomous driving technology more likely; (v) the aforementioned conduct invited enhanced regulatory scrutiny and investigatory action toward the Company; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On July 20, 2023, the Court issued an Order consolidating cases. All future docketing was ordered to be done in the lead case 22-CV-01300.

On August 3, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on October 2.

On August 22, 2024, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on September 5. On December 18, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.