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Investor Class Action Filed Against Tesla, Inc. for Securities Fraud Violations
Company Name: Tesla, Inc.
Court: United States District Court for the Northern District of California
Case Number: 18-cv-04865
Judge: The Hon. Edward Milton Chen
Class period: Between August 7, 2018 and August 17, 2018
Security Type: Securities

Case Background:

On August 10, 2018, the initial complaint in this securities class action was filed against Tesla, Inc. (“Tesla” or the “Company”), and Tesla’s Chief Executive Officer (“CEO”), Elon Musk, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.  

The complaint alleged that Tesla and the Company's CEO violated the Securities Exchange Act of 1934 by issuing false and misleading statements regarding the CEO taking the Company private. In particular, and importantly, at 12:48pm eastern time on August 7, 2018, the CEO issued a statement via Twitter that "funding" for the deal had been "secured." In reaction to the CEO's tweet, the price of Tesla's stock soared to an intra-day high of $387.46, $45.47 above the previous day's closing price, closing at $379.57 per share. The complaint alleged that the CEO was not telling the truth. Rather, he had tweeted to decimate the Company's short-sellers who were forced to cover their positions over the succeeding days at artificially inflated prices. Indeed, the price of Tesla stock also remained inflated throughout the next day, August 8, 2018.

This securities class action lawsuit was brought on behalf of all individuals and entities who purchased or sold Tesla securities from August 7, 2018 to August 17, 2018 and were damaged thereby.

Current Status of Case:

On April 15, 2020, the Court denied the defendants’ motion to dismiss the consolidated class action complaint. The lead plaintiff filed a motion for class certification on September 22, 2020.  The motion for class certification is currently being briefed by the parties.  This action is still ongoing. 

If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form relating to your transactions for Tesla, Inc. (Nasdaq: TSLA) securities between August 7, 2018 and August 17, 2018, inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 844.887.9500, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

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# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Tesla, Inc. (2018) prior to the Class Period?
Are you a current or former employee of Tesla, Inc. (2018)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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