Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Hesai Group (“Hesai” or the “Company”) (NASDAQ: HSAI) in the United States District Court for the Eastern District of New York on behalf of all persons and entities who purchased or otherwise acquired Hesai securities in connection with Hesai Group’s February 2023 IPO (the “Class Period”). Investors have until June 6, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

According to the lawsuit, the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Hesai Group’s gross margin decrease was caused by a lower in-house utilization rate; (2) Hesai Group’s gross margin was 30% for the fourth quarter—which was completed over a month before the date of the amended registration statement; and (3) as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you purchased or otherwise acquired Hesai shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

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