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SAN FRANCISCO, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP updates investors in Tesla, Inc. (NASDAQ: TSLA) and alerts them to the expanded class period. The expanded class period is August 7, 2018 through and including August 17, 2018. If you purchased or otherwise acquired Tesla securities during the expanded class period and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s lawsuit on behalf of Tesla investors, by calling 510-725-3000 or emailing
On August 7, 2018, Tesla’s Chief Executive Officer (Elon Musk) used his Twitter account to tweet several false and misleading statements. Among them, Defendants misrepresented they had “funding secured” for a buyout to take Tesla private and “[i]nvestor support is confirmed.” The firm’s complaint alleges these and other statements were a blatant attempt to manipulate market prices of Tesla securities.
Since then, the United States Securities and Exchange Commission elevated its informal inquiry into Defendants’ statements to a formal inquiry. According to news reports, the SEC recently subpoenaed Defendants as they dig deeper into their statements.
More recently, Musk admitted that the sentiment on the part of a majority of Tesla investors with whom he spoke was “please don’t do this.”
“Elon Musk appears to have tried to move the markets with misleading tweets, and investors have paid the price,” said Hagens Berman partner Reed Kathrein. “Bravado is fine, but not reckless statements that hurt the investors who provide the market, and Tesla, with its needed capital.”
Whistleblowers: Persons with non-public information regarding Tesla should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TSLA@hbsslaw.com.
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