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SAN FRANCISCO, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm headquartered in Seattle, Washington with 10 offices across the country, announces that it has filed a class action lawsuit on behalf of investors in Tesla, Inc. (NASDAQ: TSLA) securities between August 7, 2018 and August 10, 2018 (the “Class Period”). This action, William Chamberlain vs. Tesla Inc.,et al., Case No. 3:18-cv-04876, is filed in the U.S. District Court for the Northern District of California. The complaint alleges Tesla, Inc. and its Chief Executive Officer (Elon Musk) violated the Securities Exchange Act of 1934.
“Elon Musk appears to have tried to move the markets with a misleading tweet, and now investors are paying the price,” said Hagens Berman Partner Reed R. Kathrein. “Bravado is fine, but not reckless statements that hurt the investors who provide the market, and Tesla, with its needed capital.”
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, contact attorney Reed Kathrein at 510-725-3000, email TSLA@hbsslaw.com or visit www.hbsslaw.com/cases/TSLA, where you may view the complaint online. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Tesla, Inc. is incorporated in Delaware, and its securities are listed on the Nasdaq (“NASDAQ”) and other exchanges. The Company designs, develops, manufactures, and sells electric vehicles, and energy storage systems in the United States and internationally.
The complaint alleges that during the Class Period, Defendants misrepresented that they had already “secured” funding to take the Company private, and that they already had “investor support” for this move. These false statements had a material impact on the prices of Tesla securities.
When this this fraud began to be disclosed, investors in the Company’s securities were harmed.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000