Tesla, Inc. is an American automotive and clean energy company that designs and manufactures electric vehicles, battery energy storage, solar panels and solar roof tiles.
According to the law firm press release, Defendants throughout the Class Period allegedly made false and/or misleading statements and/or failed to disclose that: (1) contrary to Defendants’ representations that Tesla was prepared for the launch of its Model 3 sedan, in reality, Tesla had severely inadequate inventory and was woefully unprepared to launch the Model 3 sedan as anticipated; and (2) as a result, Tesla’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 2, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 23. Defendants filed a Motion to Dismiss the amended Complaint on May 25. On August 27, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiff was given leave to file an amended Complaint, and on September 28, Lead Plaintiff filed a second amended Complaint. Defendants filed a Motion to Dismiss the second amended Complaint on November 20. On March 25, 2019, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice. Lead Plaintiff filed a Notice appealing the Court's Dismissal Order on April 8. The Court of Appeals affirmed the District Court's ruling on January 26, 2021. On February 9, Plaintiff filed a petition for rehearing en banc. On March 5, the Court of Appeals issued an Order denying the petition for rehearing en banc.