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....
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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

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