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Tesla declined to file a lawsuit for securities fraud: US court document



Tesla Inc. asked a court on Friday to dismiss a securities fraud lawsuit filed by shareholders who said that the electric vehicle manufacturer made false public statements about the progress of the production of its new Model 3 sedan

In a filing with the Federal Supreme Court in San Francisco Francisco, Tesla, said his statements about the Company's challenges with Model 3 were "outspoken and in plain language", including repeated revelations by CEO Elon Musk of "Production Hell".

Tesla did not try to hide the truth "The Model 3 has experienced numerous" bottlenecks "due to problems with the Tesla battery module process at its plant in Nevada Gigafactory until general assembly at its Fremont plant.

Tesla is drowning Pressure to deliver the Model 3 to generate revenue and stop massive spending that put Tesla's finances in the red The Model 3 ramp, Tesla said in the court application, was "the first of its kind" with difficulties that might arise after the initiation.

The lawsuit filed last October called for class action lawsuits for shareholders who bought Tesla shares between May 4, 201

6 and October 6, 2017. It said that the Shareholders bought "artificially puffed-up" stocks because Musk and other executives misled them with their statements.

Tesla made such statements during the lead and early pr The production of its Model 3 sedan and failed to reveal the company "The accident was unprepared for the production of the vehicle," it says in the lawsuit.

A hearing is scheduled for August.

The Tesla response reports the announcement of production bottlenecks faced by the company in the third quarter of 2017

Tesla's statement that the production of Model 3 was "on track" in May and August 2017 – what the plaintiffs deemed wrong – were made before production problems occurred, Tesla argued.

Tesla said "good creed" in the Model 3 program is reflected in everything it has done: a $ 4 billion investment, the expansion of its gigafactory battery factory in Nevada and the high volume it has commissioned Equipment.


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