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Scott+Scott Attorneys at Law LLP Files Class Action Lawsuit Against Tesla Inc. (TSLA) and Elon Musk on Behalf of Short Sellers and Put Options Investors

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Scott+Scott
Attorneys at Law LLP
("Scott+Scott"), a national securities and
consumer rights litigation firm, today announced that it has filed a
class action lawsuit (the "Complaint") against Tesla, Inc. ("Tesla" or
the "Company") (NASDAQ:TSLA) and its Chief Executive Officer, Elon Musk
(collectively, "Defendants").

The action, which was filed today in the U.S. District Court for the
Northern District of California, asserts claims under Sections 10(b) and
20 of the Securities Exchange Act of 1934 (the "Exchange Act"), 15
U.S.C. §§78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder,
17 C.F.R. §240.10b-5, on behalf of all persons and entities, other than
Defendants and their affiliates, who had open short positions or put
options for Tesla as of August 7, 2018 or August 8, 2018 (the "Class
Period"), and who suffered damages as a result of the misconduct alleged
in the Complaint (the "Class")

The Complaint alleges that defendant Elon Musk ("Musk") violated the
Securities Exchange Act of 1934 by issuing false and misleading
statements regarding Musk taking the Company private. In particular, on
August 7, 2018, Musk issued a statement via Twitter that "funding" for
the deal to go private had been "secured" ("Funding secured").

In reaction to Musk's Tweet, the price of Tesla stock soared to an
intra-day high of $387.46, $45.47 above the previous day's closing
price. It then closed at $379.57 on August 7, 2018.

Musk's Tweet, however, was misleading. Moreover, the Tweet injured
short-sellers and put options investors who were forced to cover their
positions at artificially-inflated prices. The price of Tesla stock
remained inflated throughout the next day, August 8, 2018.

If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from the date of this notice, or October 15, 2018. Any
member of the Class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain
a member of the proposed class.

If you wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact plaintiff's counsel,
Joe Pettigrew of Scott+Scott at (844) 818-6982, or via email at jpettigrew@scott-scott.com.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United
States. The firm represents pension funds, foundations, individuals, and
other entities worldwide with offices in New York, London, Connecticut,
California, and Ohio.

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