RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Tesla, Inc. (NASDAQ: TSLA) (“Tesla” or the “Company”) securities between May 4, 2016 and October 6, 2017, inclusive (the “Class Period”).
Tesla shareholders may, no later than December 11, 2017, move the Court for appointment as a lead plaintiff of the Class. 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.
Tesla designs, manufactures, and sells high-performance electric vehicles and electric vehicle powertrain components. The Company owns its sales and service network and sells electric powertrain components to other automobile manufacturers. It primarily offers sedans and sport utility vehicles.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) contrary to Defendants’ representations that the Company was prepared for the launch of its Model 3 sedan, in reality, the Company had severely inadequate inventory and was woefully unprepared to launch Model 3 sedan as anticipated; and (ii) as a result, Tesla’s public statements were materially false and misleading at all relevant times.
On October 2, 2017, in a press release detailing the Company’s vehicle production and deliveries for the third quarter of 2017, Tesla cited “production bottlenecks” as the reason for its failure to meet its production goals for its Model 3 sedan.
On October 6, 2017, post-market, the Wall Street Journal published an article entitled, “Behind Tesla’s Production Delays: Parts of Model 3 Were Being Made by Hand.”
Following this news, Tesla’s share price fell $13.94, or 3.91%, to close at $342.94 on October 9, 2017.
If you are a member of the class, you may, no later than December 11, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.