NEW YORK, Aug. 4, 2016 /PRNewswire/ -- Bernstein Liebhard LLP is investigating whether the Board of Directors of Tesla Motors, Inc. ("Tesla" or the "Company") (NASDAQ: TSLA) breached their fiduciary duties to the Company and its shareholders in connection with Tesla's proposed acquisition of SolarCity Corporation ("SolarCity").
On August 1, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which Tesla will acquire SolarCity. Under the terms of the agreement, SolarCity shareholders would receive 0.11 shares of Tesla common stock for each share of SolarCity common stock, which is an equivalent value of $25.83 per share based on Tesla's closing price on July 29, 2016.
The investigation concerns, among other things, whether Tesla is overpaying for SolarCity and/or failed to adequately protect Tesla and its shareholders in connection with the deal.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to the National Law Journal's "Plaintiffs' Hot List" thirteen times.
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SOURCE Bernstein Liebhard LLP