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.