According to the Complaint, Tesla, Inc. designs, develops, manufactures and sells fully electric vehicles and energy storage products and has established its own global network of vehicle sales and service centers and supercharger stations.

Plaintiff brings this class action on behalf of purchasers of Tesla's 5.3% Senior Notes due 2025 (the "Notes"). The Complaint alleges that pursuant to a materially misleading Offering Circular dated August 11, 2017, Tesla issued and sold $1.8 billion worth of the Notes. The Complaint further alleges that the Offering Circular contained misleading statements regarding the production of Tesla's Model 3 line of vehicles. In particular, the Offering Circular claimed that Tesla would be able to quickly scale its production of the Model 3 to 5,000 vehicles per week by the end of 2017 and 10,000 vehicles per week by the end of 2018 with the help of its Gigafactory 1.

Plaintiff filed an amended Complaint on January 22, 2019. On October 1, the Court issued an Order staying the case pending the outcome of another case.

This case was voluntarily dismissed on April 15, 2021.