Tesla Investors Win Class Cert. In SolarCity Chancery Suit
Law360 (April 18, 2019, 7:52 PM EDT) -- Tesla stockholders challenging Elon Musk's allegedly conflicted $2.6 billion bailout of SolarCity Corp. secured class certification in the Delaware Chancery Court on Thursday, moving the case toward a summary judgment argument in September and a possible 10-day trial in March 2020.
The direct and derivative suit claims that Tesla Inc. founder, CEO and Chairman Elon Musk exercised conflicted control over Tesla to orchestrate a bailout of the solar energy company after a June 2016 blog post announcing the deal, despite holding only 22% of Tesla stock.
Vice Chancellor Joseph R. Slights III’s decision Thursday sent forward separate breach of fiduciary counts...
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