Tesla and its CEO, Elon Musk, claiming the billionaire violated federal securities law tweets suggesting a plan to go private.
On August 7, Musk published a Tesla private in a proposal valuing the company at $ 420 a share. Musk said funding for the deal had been secured.
Kalman Issacs, Tesla and Musk, "Tesla and Musk", "Tesla and Musk", "Tesla and Musk", "The Complaints of the Company's Short-sellers. "beginning with Musk's August 7 tweet."
The complaint says the series of tweets about the proposal drove shares of Tesla up $ 45.47 above the previous day's closing. Tesla private.
In a separate class-action lawsuit filed in federal court in San Francisco, plaintiff William Chamberlain Claims Musk "materially misled investors "between August 7 and August 10 Tesla private, including that which was secured.
Meanwhile, Tesla and Musk could face investigation from the Securities and Exchange Commission. According to The Wall Street Journal, the SEC has talked to Tesla about Musk's tweet, as well as why he made the disclosure on Twitter.
This week, Tesla's board of investors is reportedly planning to meet with financial advisors to explore a proposal to take the company private. Musc to recuse himself.
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