Keller Lenkner LLC Updates Investors Harmed by Elon Musk and Tesla, Inc.

CHICAGO, Aug. 20, 2018 /PRNewswire/ -- Keller Lenkner LLC ("Keller Lenkner") today updates investors on its previously announced securities fraud class action filed against Tesla, Inc. ("Tesla") and its Chairman and Chief Executive Officer, Elon Musk ("Musk"), and announces the launch of a new dedicated website, www.teslatweets.com.

Keller Lenkner was the first law firm to file suit against Tesla and Musk for their false and misleading statements regarding taking the Company private. The website contains more information about the lawsuit and provides investors an easy way to contact Keller Lenkner to discuss their rights.

The complaint filed by Keller Lenkner charges that Musk and Tesla violated the Securities Exchange Act of 1934 by issuing false and misleading statements regarding taking Tesla private. In particular, at 12:48 p.m. Eastern Daylight Time on August 7, 2018, Musk issued a statement via Twitter that "funding" for the deal had been "secured." But Musk was not telling the truth. Rather, he had Tweeted to decimate the Company's short-sellers, who were forced to cover their positions over the succeeding days at artificially inflated prices.

News reports that have emerged since Keller Lenkner filed its complaint lend further support to the allegations that Musk and Tesla violated federal securities laws:

• Today, J.P. Morgan stated that its "interpretation of subsequent events" after Musk and Tesla's statements "leads us to believe that funding was not secured for a going private transaction, nor was there any formal proposal." J.P. Morgan reduced its December price target for Tesla securities by 37%. Tae Kim, JP Morgan is back to predicting a Tesla stock plunge because funding was 'not secured', CNBC.com, at https://www.cnbc.com/2018/08/20/jp-morgan-is-back-to-predicting-a-tesla-stock-plunge-because-funding-was-not-secured.html (Aug. 20, 2018).
• After interviewing Musk, the New York Times reported that the supposed "funding" was "far from secure." David Gelles et al., Elon Musk Details 'Excruciating' Personal Toll of Tesla Turmoil, New York Times, at https://www.nytimes.com/2018/08/16/business/elon-musk-interview-tesla.html (Aug. 16, 2018).
• The Securities and Exchange Commission is reportedly investigating whether Musk and Tesla's statements were made to drive up Tesla's stock price and harm investors who had taken short positions (as alleged in the complaint filed by Keller Lenkner). Dave Michaels et al., SEC Probes Tesla Over Model 3 Production Disclosures, Wall Street Journal, at https://www.wsj.com/articles/sec-pressing-tesla-directors-for-details-on-communications-with-elon-musk-1534450010 (Aug. 16, 2018).

On August 7, 2018, in reaction to Musk's Tweet, the price of Tesla's stock soared to an intra-day high of $387.46, $45.47 above the previous day's closing price, closing at $379.57 per share. The action filed by Keller Lenkner is in the Northern District of California and is captioned Kalman Isaacs v. Elon Musk, et al., No. 3:18-cv-04865.

The plaintiff is represented by Keller Lenkner. For more information about this action, or to discuss your rights or interests as someone harmed by the false and misleading statements, please visit www.teslatweets.com.

About Keller Lenkner LLC: Keller Lenkner LLC pursues high-stakes litigation for plaintiffs across a variety of claims and practice areas. Its lawyers are uniquely situated at the intersection of law and finance, with experience that includes litigating in courts throughout the country as well as co-founding the world's largest private litigation finance firm. www.kellerlenkner.com

ATTORNEY ADVERTISING. The law firm responsible for this advertisement is Keller Lenkner LLC, 150 N. Riverside Plaza, Chicago, Illinois 60610, (312) 741-5220. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

SOURCE Keller Lenkner LLC

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