SAN FRANCISCO, Sept. 07, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP updates investors in Tesla, Inc. (NASDAQ: TSLA) concerning the firm’s securities class action and reminds them of the October 9, 2018 Lead Plaintiff deadline. The firm is also now investigating reasons behind the chief accounting officer’s resignation announced today causing the stock to drop at least 10 percent. If you sold short Tesla securities and covered part or all of your short position between August 7, 2018 through and including August 17, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. Long investors are also covered by the class action, as are option traders during the class period. For more information visit:
https://www.hbsslaw.com/cases/TSLA
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, Elon Musk announced his intention to take the Company private, tweeting (among other things), “funding secured” and “[i]nvestor support is confirmed.”
Since then, the SEC reportedly elevated its informal inquiry into Defendants’ statements to a formal inquiry.
More recently, the press reported funding was not secured and Musk admitted a majority of Tesla investors with whom he spoke essentially expressed “please don’t do this.”
On September 7, 2018, Defendants announced the Company’s Chief Accounting Officer resigned effective immediately in part because of post-August 6, 2018 public attention on the Company.
“Long-short hedge funds and other short-sellers who believed Musk had funding secured, or were forced to cover by virtue of margin calls, have suffered some of the greatest damages," said Hagens Berman partner Reed Kathrein. “Options traders were also forced to cover or watch their options expire worthless. And then there are those who saw an opportunity to purchase before the price eventually would reach the $420 price. All these investors deserve representation.”
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.
Contact:
Reed Kathrein, 510-725-3000