TuSimple Holdings Inc.
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The investigation concerns whether TuSimple and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 1, 2022, The Wall Street Journal published an article reporting, among other things, that an accident in which one of TuSimple’s autonomously driven trucks suddenly veered left, cutting across a highway and slamming into a cement barricade, “underscores concerns that the autonomous-trucking company is risking safety on public roads in a rush to deliver driverless trucks to market.” While TuSimple reported that the accident was due to a person in the cab not properly rebooting the autonomous driving system before engaging it, researchers argue that “it was the autonomous-driving system that turned the wheel and that blaming the entire accident on human error is misleading.” The Federal Motor Carrier Safety Administration has launched a “safety compliance investigation” into TuSimple.
On this news, TuSimple’s stock price fell $0.97 per share, or 9.74%, to close at $8.99 per share on August 1, 2022.