Case Page

 

Case Status:    ONGOING    
On or around 10/02/2018 (Ongoing date of last review)

Filing Date: August 10, 2018

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.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TSLA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 18-CV-04865
JUDGE: Hon. Edward M. Chen
DATE FILED: 08/10/2018
CLASS PERIOD START: 08/07/2018
CLASS PERIOD END: 08/08/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Browne George Ross LLP
    101 California Street Suite 1225, Browne George Ross LLP, CA 94111
    415-391-7100 ·
  2. Keller Lenkner LLC
    150 N. Riverside Plaza, Suite 2570, Keller Lenkner LLC, IL 60606
    312.741.5222 ·
No Document Title Filing Date