NEWTOWN, Pa., March 18, 2025 /PRNewswire/ — Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving Hesai Group (NASDAQ: HSAI) resulting from allegations of providing potentially misleading business information to the investing public.
If you have information that could assist in the Hesai Group Investigation or if you are a Hesai Group investor who suffered a loss and would like to learn more, you can provide your information HERE.
You can also contact attorney Eric Lechtzin of Edelson Lechtzin LLP by calling 844-563-5550 ext. 1 or by e-mail at [email protected].
THE COMPANY: Hesai Group calls itself global leader in three-dimensional light detection and ranging (lidar) solutions.
THE ALLEGED WRONGDOING: On March 18, 2025, Blue Orca Capital issued a report announcing that it has a short position in Hesai Group. The rationale for Blue Orca’s short position is that Hesai is a “Nasdaq-listed Chinese scam actively lying to investors, the Department of Defense, and a United States federal court.” Blue Orca believes that Hesai is falsely attempting to escape its designation as a “Chinese military company” by claiming that it has no involvement with the Chinese military.
Blue Orca claims to have found “clear smoking-gun photographic and video evidence that Chinese military vehicles are outfitted with Hesai LiDAR systems.” Moreover, Blue Orca contends that Hesai’s financial disclosures are false and misleading, stating, “It claims revenues that, in our opinion, do not appear to be consistent with the purchasing volumes of its largest customer. It claims industry leading margins which defy the laws of financial physics.”
While Hesai claims that its business has finally turned the corner to sustained profitability, it has failed to disclose to investors that it lost its largest customer and has laid off up to 30% of its employees. In sum, Blue Orca’s opinion is that Hesai is “completely untrustworthy as a business and uninvestable as a stock.”
Hesai Group stock declined 10% on this news.
ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.
For more information, please contact:
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 ext. 1
Email: [email protected]
Web: www.edelson-law.com
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
SOURCE Edelson Lechtzin LLP
