RADNOR, Pa., Sept. 26, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that investor class action lawsuits have been filed against Tesla, Inc. (NASDAQ: TSLA) (“Tesla” or the “Company”) and its CEO, Elon Musk (“Musk”), on behalf of investors who purchased or sold Tesla securities between August 7, 2018 and August 17, 2018, inclusive (the “Class Period”).
Investors who purchased or sold Tesla securities during the Class Period and suffered financial losses in excess of $500,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 or skaskela@kaskelalaw.com to discuss their legal rights and options. Tesla investors may also submit their information online at http://kaskelalaw.com/case/tesla/.
According to the complaints, on August 7, 2018, Musk stated on Twitter: (i) “Am considering taking Tesla private at $420”; (ii) “Funding secured”; (iii) “Shareholders could either sell at 420 or hold shares & go private”; and (iv) “Investor support is confirmed.” These tweets drove the price of Tesla shares up as much as $45.47 per share during intraday trading on August 7, 2018. Subsequently, Tesla’s shares significantly declined in value following the announcement of an SEC investigation, and the disclosure of other material information evidencing a lack of support for Musk’s statements.
The investor class action complaints allege that defendant Musk materially misled investors as to the following material facts: (i) contrary to Musk’s statements that funding had been “secured” to take Tesla private at $420 per share, no such funding had been secured; and (ii) contrary to Musk’s statement that investor support to take Tesla private “is confirmed,” there was no such confirmation. As a result of the foregoing, Tesla investors transacted in the Company’s securities at artificial values and suffered significant investment losses.
IMPORTANT DEADLINE: Investors who transacted in Tesla securities during the Class Period and suffered financial harm may, no later than October 9, 2018, seek to be appointed as a lead representative in the action.
Investors who purchased or sold Tesla securities during the Class Period and suffered financial losses in excess of $500,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740 or skaskela@kaskelalaw.com to discuss their legal rights and options. Tesla investors may also submit their information online at http://kaskelalaw.com/case/tesla/.
Kaskela Law LLC exclusively represents investors in state and federal investor actions throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(484) 258 – 1585
(888) 715 – 1740
skaskela@kaskelalaw.com
www.kaskelalaw.com