Pomerantz Law Firm Investigates Claims On Behalf of Investors of Tesla, Inc. - TSLA

Pomlaw 8-Aug-2024 11:22 AM

Pomerantz LLP is investigating claims on behalf of investors of  Tesla, Inc. ("Tesla" or the "Company") (NASDAQ: TSLA).   Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.

The investigation concerns whether Tesla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

After the market closed on July 23, 2024, Tesla announced its Q2 2024 results, reporting lower earnings-per-share ("EPS") and operating income than anticipated. Specifically, EPS came in at $0.52 vs. $0.62 consensus and $0.91 a year ago and, while operating margin was reported at 6.3% of sales to improve from last quarter's mark of 5.5%, this figure landed below last year's mark of 9.6%.  In addition, although Tesla promised a "fleet" of robotaxis and was optimistic regarding the Company's autonomous Autopilot driving system, market analysts reported that investors focused more on the Company's Q2 EPS miss, disappointing operating margins and free cash flow lines, and slower 2024 growth forecast.

On this news, Tesla's stock price fell $30.39 per share, or 12.33%, to close at $215.99 per share on July 24, 2024. 

Then, on July 30, 2024, as part of a comprehensive investigation into the Autopilot system, the Wall Street Journal published a video about Tesla's Autopilot system, highlighting "longstanding concerns" regarding the company's camera-based technology and suggesting that this technology has been a key factor in several crashes, some of which were fatal. 

On this news, Tesla's stock price fell $9.48 per share, or 4.08%, to close at $222.62 per share on July 30, 2024.