RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that shareholder class action lawsuits have been filed against Tesla, Inc. (NASDAQ: TSLA) (“Tesla” or the “Company”) and its CEO, Elon Musk (“Musk”), on behalf of investors who purchased or sold Tesla securities between August 7, 2018 and August 17, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who transacted in Tesla securities during the Class Period may, no later than October 9, 2018, seek to be appointed as a lead representative in the action.
Tesla investors who suffered financial harm are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 or skaskela@kaskelalaw.com to discuss their legal rights and options. Investors may also submit their information to the firm online at http://kaskelalaw.com/case/tesla/.
As detailed in the complaint, on August 7, 2018, Musk stated on Twitter: (i) “Am considering taking Tesla private at $420”; (ii) “Funding secured”; (iii) “Shareholders could either to sell at 420 or hold shares & go private”; and (iv) “Investor support is confirmed.” These tweets drove the price of Tesla shares up as much as $45.47 per share during intraday trading on August 7, 2018. Subsequently, Tesla’s shares significantly declined in value following the announcement of an SEC investigation, and the disclosure of other material information evidencing a lack of support for Musk’s statements.
The shareholder class action complaint alleges that defendant Musk materially misled investors as to the following material facts: (i) contrary to Musk’s statements that funding had been “secured” to take Tesla private at $420 per share, no such funding had been secured; and (ii) contrary to Musk’s statement that investor support to take Tesla private “is confirmed,” there was no such confirmation. As a result of the foregoing, Tesla investors have sustained significant investment losses.
Tesla investors are encouraged to contact Kaskela Law LLC for additional information about this action. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
