RM LAW, P.C. has commenced an investigation into potential securities law violations by certain officers of Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ: TSLA).
If you purchased shares of Tesla and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On August 7, 2018, defendant Musk stated on Twitter: (i) “Am considering taking Tesla private at $420”; (ii) “Funding secured”; (iii) “Shareholders could either to 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, or up as much as about 13%, during intraday trading before closing at $379.57 on August 7, 2018.
On August 15, 2018, Bloomberg reported that Tesla “has received a subpoena from the U.S. Securities and Exchange Commission regarding Elon Musk’s effort to take the company private, indicating the regulatory scrutiny of his statements have reached a more serious stage. The demand for information, described by a person familiar with the matter, followed Musk’s tweet last week saying he was considering taking Tesla off the market and had ‘funding secured’ for the deal.” On August 15, 2018, Tesla’s shares closed below $340 – or below their pre-tweet trading price.