NEW YORK, Nov 21, 2017 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against Tesla, Inc. (“Tesla” or the “Company”)
of its officers. The class action, filed in United States District
Court, Northern District of California, is on behalf of a class
consisting of investors who purchased or otherwise acquired Tesla
securities, seeking to recover compensable damages caused by defendants’
violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Tesla securities between May 4,
2016, and October 6, 2017, both dates inclusive, you have until December
11, 2017, to ask the Court to appoint you as Lead Plaintiff for the
class. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and the number of shares purchased.
here to join this class action]
Tesla Inc. 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
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, damaging investors.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171121005003/en/
SOURCE: Pomerantz LLP
Robert S. Willoughby
Copyright Business Wire 2017