NEW YORK, Oct. 9, 2017 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ: TSLA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Tesla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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 reporting, in part, that “[u]nknown to analysts, investors and the hundreds of thousands of customers who signed up to buy it, as recently as early September major portions of the Model 3 were still being banged out by hand, away from the automated production line, according to people familiar with the matter.”
Following this news, Tesla’s share price has fallen as much as $10.75, or 3.01%, during intraday trading on October 9, 2017, the following trading day.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP