PHILADELPHIA--(BUSINESS WIRE)--The law firm of Spector, Roseman & Kodroff, P.C. announces that a securities class action lawsuit has been filed on behalf of investors who purchased Tesla, Inc. (Nasdaq: TSLA) securities between August 7, 2018 and August 14, 2018 (the “Class Period”).
According to the lawsuit, throughout the Class Period, defendants failed to disclose adverse facts about Tesla’s business, operations, and prospects, including: 1) Tesla had not secured funding for the Company’s proposed “going-private transaction”; (2) the proposed “going-private transaction” required the approval of Tesla’s Board of Directors, not just Tesla’s shareholders; and (3) Tesla’s Board was unaware of any alleged funding for the proposed transaction. Between August 9-14, 2018, media reports surfaced about an SEC probe into Musk’s tweets regarding secured funding, an investigation by Tesla's Board, and statements by financial advisors contradicting Musk’s statement about secured funding. During this period, the price of Tesla’s common stock declined over 8% from $379.57 per share on August 7, 2018 to close at $347.64 on August 14, 2018.
Until a class is certified, you are not represented by counsel unless you retain one. You may also remain an absent class member and do nothing at this point or you may retain counsel of your choice.
If you purchased Tesla securities during the Class Period, you may, no later than October 9, 2018, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative chosen by the Court that acts on behalf of other class members in directing the litigation. If you have sustained substantial losses in Tesla securities during the Class Period and wish to move to be appointed as Lead Plaintiff, please contact Spector, Roseman & Kodroff, P.C. toll-free at 888-844-5862 or via e-mail at classaction@srkattorneys.com. For more detailed information about the firm please visit its website at http://srkattorneys.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract, and commercial claims. The firm’s reputation for excellence has been recognized by courts on repeated occasions. The firm has recovered hundreds of millions of dollars through judgments and settlements on behalf of defrauded shareholders and companies.