Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Tesla, Inc. Investors (TSLA)
LOS ANGELES--(BUSINESS WIRE)--Sep 17, 2018--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ: TSLA ) securities between August 7, 2018 to August 17, 2018, inclusive (the “Class Period”). Tesla investors have until October 9, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On August 7, 2018, Tesla’s CEO Elon Musk stated via Twitter: “Am considering taking Tesla private at $420. Funding secured.” On August 8 and August 9, 2018, media outlets reported that the U.S. Securities and Exchange Commission had made inquiries into Musk’s announcement and whether, in fact, he had “funding secured” to take Tesla private. On this news, Tesla’s stock price fell $27.12 per share, or more than 7%, to close at $352.45 on August 9, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had not secured funding for a transaction to take Tesla private; (ii) Tesla’s Board of Directors was unaware of any plan to take Tesla private; (iii) Musk had not retained advisors in connection with his purported plan to take Tesla private; (iv) the status and likelihood of Tesla going private was therefore misrepresented to the market; and (v) as a result, Tesla’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of Tesla, during the Class Period you may move the Court no later than October 9, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180917005769/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 09/17/2018 04:42 PM/DISC: 09/17/2018 04:42 PM