Full 9th Circ. Asked To Rehear Tesla Model 3 Disclosures Suit
By Linda Chiem (February 10, 2021, 4:10 PM EST) -- Investors have asked the full Ninth Circuit to review a panel's recent finding that Tesla's blunt warnings about production challenges for its Model 3 sedan nullified their claims the electric carmaker intentionally misled investors by covering up manufacturing bottlenecks and capacity problems.
Investors Kurt Friedman and Uppili Srinivasan filed a petition for rehearing en banc Tuesday hoping to revive their second amended proposed class action alleging Tesla made reckless misstatements in 2017 about the production timeline for its highly anticipated first mass-market electric vehicle, the Model 3. A three-judge panel of the Ninth Circuit dismantled their suit on Jan. 26, concluding...
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