Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Tesla, Inc. Investors
BENSALEM, Pa.--(BUSINESS WIRE)--Oct 2, 2018--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased 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.
Investors that suffered losses on their Tesla investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
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.
If you purchased shares of Tesla during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2018.
PUB: 10/02/2018 06:04 PM/DISC: 10/02/2018 06:04 PM