Tesla, Inc. is an American electric vehicle and clean energy company.

Plaintiff's law firm issued a press release on August 10, 2018, announcing the lawsuit. According to the press release, the Complaint charges that Tesla and the Company's Chairman and Chief Executive Officer 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 standard time on August 7, 2018, the CEO issued a statement via Twitter that "funding" for the deal had been "secured" ("Funding 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 alleges 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.

On November 27, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 18-CV-04865.

On January 16, 2019, Lead Plaintiff filed a consolidated Complaint. On March 27, the Court stayed the proceedings pending mandamus proceedings before the Ninth Circuit. On October 8, the Court of Appeals denied the petition for writ of mandamus. Defendants filed a Motion to Dismiss the consolidated Complaint on November 22.

On April 15, 2020, the Court issued an Order denying Defendants' Motion to Dismiss. Plaintiff filed a Motion for Class Certification on September 22. On November 25, the Court issued an Order granting Class Certification.

Lead Plaintiff filed a Motion for Summary Judgment on January 11, 2022. On April 1, the Court issued an Order granting in part and denying in part the Motion for Summary Judgment.

On January 17, 2023, the case went to trial. On February 3, the jury reached a verdict in favor of the Defendants.

On March 7, 2023, Lead Plaintiff filed a Motion for Judgment as a matter of law or, in the alternative, for a new trial. On June 14, the Court issued an Order denying Lead Plaintiff's Motion and on July 11, the Court entered judgment. Lead Plaintiff filed a Notice appealing the Court's judgment on July 14.

On November 6, 2024, the Court of Appeals affirmed the District Court's Judgment.