Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Tesla, Inc.

Business Wire 5-Oct-2018 3:24 PM

National class action law firm Glancy Prongay & Murray LLP ("GPM") reminds investors of the October 9, 2018 deadline to file a lead plaintiff motion in the class action 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.

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 ("SEC") 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. Then, on or around September 30, 2018, Mr. Musk and the Company settled SEC charges with Mr. Musk personally paying a fine of $20 million and resigning as the Company's Chairman.

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 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. 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 shareholders@glancylaw.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.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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