TuSimple
Settlement of Dicker v. TuSimple Holdings, Inc., et al.
No. 3:22-cv-01300-BEN-MSB
The parties have reached a settlement of this action, pending in the United States District Court for the Southern District of California. The settlement provides for the payment of $189 million for the benefit of eligible Settlement Class Members. Plaintiffs Indiana Public Retirement System, Robert Miller, and Michelle Poirier, on behalf of themselves and the Settlement Class, alleged violations of §§11, 12, and 15 of the Securities Act of 1933, §10(b) and SEC Rule 10b-5, and §§20(a) and 20A of the Securities Exchange Act of 1934. Plaintiffs alleged that Defendants raised more than $1 billion from U.S. investors while concealing that they were covertly transferring TuSimple’s proprietary driverless technology to a Chinese company controlled by TuSimple senior insiders, and while simultaneously misrepresenting that TuSimple’s automated semi-trucks were safe in order to use U.S. motorists as test subjects for the development of the Company’s artificial intelligence.
The Settlement Class consists of all Persons who purchased and/or otherwise acquired TuSimple securities during the Settlement Class Period. Excluded from the Settlement Class are: (i) Defendants and members of their immediate families; (ii) current and former officers and directors of TuSimple and members of their immediate families; (iii) any entity in which any Defendant has a controlling interest or which is related to or affiliated with any Defendant; (iv) TuSimple’s subsidiaries and affiliates or other entities owned or controlled by it; (v) the legal representatives, heirs, successors, or assigns of each Defendant; and (vi) any Persons who properly excluded themselves by submitting a valid and timely request for exclusion.
The settlement was approved by the Court on December 18, 2024.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.
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