Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Tesla Motors, Inc.

BENSALEM, Pa.--(BUSINESS WIRE)--

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the “Class”) comprising all purchasers of the securities of Tesla Motors, Inc. (“Tesla” or the “Company”) TSLA between May 10, 2013 and November 6, 2013, inclusive (the “Class Period”).

Tesla designs, develops, manufactures and sells electric vehicles and electric vehicle powertrain components. The Complaint alleges that during the Class Period the defendants misrepresented or failed to disclose that:

• Statements about the Model S's highest safety rating and lack of prior fire incidents were materially misleading, due to undisclosed puncture and fire risks in its undercarriage and lithium ion battery pack.
• The Model S suffered from material defects which caused the battery pack to erupt in flames under certain driving conditions.
• Tesla's future sales, next generation Model X introduction, and stock price were vulnerable to the inherent risk posed by the Model S's design flaws.
• The Company was unable to maintain sufficient automobile deliveries to satisfy analyst concerns and compensate for other declining revenue streams.

If you are a member of the Class described above, you may move the Court no later than January 7, 2014, to serve as lead plaintiff. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.