NEW YORK, Aug. 20, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Tesla, Inc. ("Tesla" or the "Company") (NASDAQ: TSLA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Tesla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 7, 2018, Tesla's Chief Executive Officer 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 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%, over the following two trading sessions, closing at $352.45 on August 9, 2018.
On August 13, 2018, post-market, Musk stated via Twitter: "I'm excited to work with Silver Lake and Goldman Sachs as financial advisers, plus Wachtell, Lipton, Rosen & Katz and Munger, Tolles & Olson as legal advisors, on the proposal to take Tesla private." Then, on August 14, 2018, Bloomberg reported that at the time of Musk's August 13, 2018 Twitter announcement, neither Goldman Sachs nor Silver Lake were yet working with Musk pursuant to a signed agreement or in an official capacity. On this news, Tesla's stock price fell $8.77 per share, or nearly 2.5%, to close at $347.64 per share on August 14, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP