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9th Circ. Won't Revive Tesla Solar Unit Investor Suit

Law360 (March 8, 2018, 9:32 PM EST) -- The Ninth Circuit on Thursday backed a lower court's dismissal of a proposed shareholder class action against Tesla Inc.'s rooftop solar unit, saying investors hadn't done enough to show the company intentionally overstated its profits by $23 million in 2012.

The appeals court said a California federal judge correctly held in 2016 that the investors hadn't shown intent to commit, or knowledge of, securities fraud related to claims that SolarCity Corp. — now doing business as Tesla Energy Operations Inc. — and its executives deliberately hid...
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Case Information

Case Title

James Webb v. SolarCity Corporation, et al

Case Number



Appellate - 9th Circuit

Nature of Suit

3850 Securities, Commodities, Exchange

Date Filed

August 16, 2016

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