Shareholder Update: Labaton Sucharow Files Class Action Against Tesla on Behalf of Citron's Andrew Left
18 September 2018 - 11:00PM
Business Wire
Labaton Sucharow LLP announces today that it has filed a
securities class action lawsuit in San Francisco federal court on
behalf of its client Andrew E. Left of Citron Research against
Tesla, Inc. (NASDAQ:TSLA) and its Chief Executive Officer
Elon Musk, alleging that Mr. Musk “artificially manipulated
the price of Tesla stock” by taking to Twitter to announce
fictional plans to take the publicly listed car company
private.
The complaint asserts claims on behalf of Tesla short-sellers
forced to cover positions in response to Musk’s market manipulation
at a loss. The action also includes all investors that purchased
Tesla shares at inflated prices and suffered losses after the truth
behind Musk’s supposedly ‘secure’ financing was exposed. Former
federal prosecutor and Labaton Sucharow partner Michael Canty, who
has been widely quoted by major news organizations, including CNBC,
The New York Post and Reuters on the matter, states that Musk’s
tweets “appear to be a textbook case of securities fraud.”
The United States Securities and Exchange Commission has opened
a formal inquiry into Defendants’ statements, and recently
subpoenaed Defendants as they dig deeper into the “factual basis”
of the going-private transaction.
If you purchased, sold, or otherwise transacted in Tesla
securities during the Class Period, you are a member of the “Class”
and may be able to seek appointment as Lead Plaintiff. Lead
Plaintiff motion papers must be filed with the U.S. District Court
for the Northern District of California no later than October 9,
2018. The Lead Plaintiff is a court-appointed representative for
absent members of the Class. You do not need to seek appointment as
Lead Plaintiff to share in any Class recovery in this action. If
you are a Class member and there is a recovery for the Class, you
can share in that recovery as an absent Class member. You may
retain counsel of your choice to represent you in this action.
If you would like to consider serving as Lead Plaintiff or have
any questions about this lawsuit, you may contact Francis P.
McConville, Esq. of Labaton Sucharow, at (800) 321-0476, or via
email at fmcconville@labaton.com.
You can view a copy of the complaint here.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918005030/en/
Labaton Sucharow LLPFrancis P. McConville, Esq. of Labaton
Sucharow, 800-321-0476fmcconville@labaton.com
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