Tesla Class Action: Bernstein Liebhard LLP Reminds Investors of the Important Upcoming Deadline in the Shareholder Class Action Lawsuit Against Tesla, Inc. - TSLA
Bernstein Liebhard LLP
Aug. 27, 2018
NEW YORK, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the important October 9, 2018 lead plaintiff deadline in the shareholder class action lawsuit against Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ: TSLA). The lawsuit seeks to recover damages on behalf of those who purchased the securities of Tesla between August 7, 2017 and August 14, 2018, both dates inclusive (the “Class Period”).
If you purchased Tesla securities, and/or would like to discuss your legal rights and options, please visit Tesla Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or firstname.lastname@example.org.
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Tesla had not secured funding for the Company’s proposed “going-private transaction”; (2) the proposed “going-private transaction” required the approval of Tesla’s Board of Directors, not just Tesla’s shareholders; (3) Tesla’s Board of Directors were unaware whether Tesla secured funding for the proposed transaction; (4) the status and likelihood of the proposed “going-private transaction” was misrepresented to the market because the financing for the proposed transaction had not been secured and because the transaction required the approval of both Tesla’s Board of Directors and shareholders; and (5) 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.
On August 16, 2018, during aftermarket hours, The New York Times published an article of Elon Musk’s “hourlong interview with The New York Times,” wherein “Mr. Musk provided a detailed timeline of the events leading up to the Twitter postings on Aug. 7 in which he said he was considering taking the company private at $420 a share.” The article stated that Mr. Musk “acknowledged Thursday that no one had seen or reviewed [the tweet] before he posted it.” The article further stated “that [Tesla’s] funding, it turned out, was far from secure.” According to the article, “Mr. Musk…was referring to a potential investment by Saudi Arabia’s government investment fund. Mr. Musk had extensive talks with representatives of the $250 billion fund about possibly financing a transaction to take Tesla private — maybe even in a manner that would have resulted in the Saudis’ owning most of the company. One of those sessions took place on July 31 at the Tesla factory in the Bay Area, according to a person familiar with the meeting. But the Saudi fund had not committed to provide any cash, two people briefed on the discussions said.”
On this news, Tesla’s stock fell $29.95 per share, or over 8%, from its previous closing price to close at $305.50 per share on August 17, 2018, damaging investors.
On August 24, 2018, Mr. Musk published a post on Tesla’s website titled, “Staying Public,” wherein Mr. Musk stated that “I met with Tesla’s Board of Directors yesterday and let them know that I believe the better path is for Tesla to remain public.”
If you wish to serve as lead plaintiff, you must move the Court no later than October 9, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Tesla securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/tesla-inc-tsla-lawsuit-class-action-fraud-stock-77/ or contact Daniel Sadeh toll free at (877) 779-1414 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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