SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Hesai Group - HSAI

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving Hesai Group and its executives, following a significant decline in the company's financial performance [1][2]. Financial Performance - Hesai reported unaudited financial results for Q1 2024, with revenue of $19.28 million, a year-over-year decline of 59.2%, and missing consensus estimates by $27.68 million [2]. - The CEO attributed the revenue decline to "typical seasonal factors" and "slower demand in our robotaxi business compared with the previous year" [2]. Market Reaction - Following the announcement of the financial results, Hesai's American depositary receipt price fell by $0.73 per share, or 13.88%, closing at $4.53 per share on May 21, 2024 [2].