NEW YORK, Aug. 16, 2018 /PRNewswire/ -- Tesla, Inc. TSLA and CEO Elon Musk were accused of federal securities law violations in a class action filed on behalf of purchasers or sellers of TSLA securities during the Class Period of August 7, 2018 to August 14, 2018, inclusive, which extends the class period in an earlier filed case.  The case is in the U.S. District Court for the Northern District of California, and the deadline for TSLA class members to file a lead plaintiff motion with the Court is October 9, 2018.

According to the complaint, defendants made false and misleading statements to the market. Tesla CEO Elon Musk tweeted on August 7, 2018, "Am considering taking Tesla private at $420," and "funding secured." The lawsuit alleges that despite Musk's tweets, which caused the stock to jump from $348 to almost $380 per share, no funding had been secured.

On August 8, 2018, doubt that financing was secured spread, causing TSLA stock to fall by $9.23 per share, to close at $370.34 per share on August 8. On August 9, Tesla shares fell $17.89 per share, nearly 5%, to close at $352.45 per share, resulting in a two-day decline of more than 7%, as news spread that Tesla's board of directors and the SEC are investigating the matter.

The lawsuit further alleges that on August 13, Musk tweeted "I'm excited to work with Silver Lake and Goldman Sachs as financial advisors . . . on the proposal to take Tesla private." But on August 14, Bloomberg published an article titled "Goldman Is Said to Have No Mandate When Musk Tweeted," reporting that neither entities were officially working with Musk when Musk tweeted that the firms were advising him. The complaint alleges these false statements harmed class members.

If you purchased or sold TSLA securities during the Class Period and suffered damages you may, no later than October 9, 2018, request that the Court appoint you lead plaintiff of the proposed class. You do not need to be a lead plaintiff to recover as an absent class member.  A lead plaintiff is a class member that represents other class members in directing the litigation. Lead plaintiff's make important decisions that could affect the overall recovery for class members. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel.

Milberg Tadler Phillip Grossman LLP has represented individual and institutional investors for over four decades and serves as lead counsel in courts throughout the United States.  If you wish to discuss this matter with us, please contact the following attorney:

Andrei Rado, Esq.
Milberg Tadler Phillips Grossman LLP
One Pennsylvania Plaza, Suite 1920
New York, NY 10119-0165
Phone number: 800-320-5081
Email: arado@milberg.com

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SOURCE Milberg Tadler Phillips Grossman LLP