The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Tesla, Inc. (NASDAQ: TSLA) who purchased shares between August 7, 2018 and August 17, 2018 and/or who had open short positions or put options for Tesla as of August 7, 2018 or August 8, 2018. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Tesla, Inc. lawsuit alleges that (1) the Defendants had not secured funding for the Going-Private Transaction; (2) Musk’s statements that the Going-Private Transaction only required shareholder approval were false since the Going-Private Transaction required approval by the Company’s Board of Directors and even the Board was unaware of the funding referred to by Musk; (3) the status and likelihood of the Going-Private Transaction was misrepresented to the market because financing for it had not been secured and Board approval was required, and (4) as a result of the foregoing, Defendants’ statements about Tesla’s business, operations, and prospects, were materially false and/or misleading and/or lacked a reasonable basis.
Shareholders have until October 9, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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