Tesla Fires Burned $6.5B In Stock Value, Investor Says

Law360, Los Angeles (November 12, 2013, 5:52 PM EST) -- Tesla Motors Inc. was hit by a putative securities action in California federal court on Friday by an investor who says Tesla and certain top executives made false statements regarding the safety of a vehicle’s battery pack, leading to a $6.5 billion market loss in six weeks.

The suit says Tesla, which designs, develops, manufactures and sells electric vehicles, had called its Model S vehicle “The Safest Car In America” before numerous reports that consumers’ battery packs were catching fire and bursting into flames during use....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

In Re Tesla Motors, Inc. Securities Litigation


Case Number

3:13-cv-05216

Court

California Northern

Nature of Suit

Securities/Commodities

Judge

Charles R. Breyer

Date Filed

November 8, 2013

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.