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Investor Alert: Kaplan Fox Announces Investigation Of Tesla, Inc.

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Investor Alert: Kaplan Fox Announces Investigation Of Tesla, Inc.

PR Newswire

NEW YORK, Aug. 9, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating Tesla, Inc. ("Tesla" or the "Company") (NASDAQ:TSLA) concerning potential securities law violations.  Investors who purchased Tesla securities may be affected.

On Tuesday, August 7, 2018, Elon Musk ("Musk"), Chairman, CEO and Founder of Tesla, issued a statement on Twitter that he intends to take Tesla private.  Specifically, Musk tweeted the following: 

"Am Considering taking Tesla private at $420.  Funding secured."

Following Musk's tweet that he had funding secured to take Tesla private at $420 per share, the price of Tesla shares jumped $37.58 per share, approximately 11%, from $341.99 per share to close at $379.57 per share on August 7, 2018.

The next day, August 8, 2018, reports began to emerge that the U.S. Securities and Exchange Commission (SEC) was inquiring about Musk's tweet.  By August 9, 2018, the Wall Street Journal reported that the SEC "has asked Musk to produce proof that he's secured funding. . . ."

On August 8, 2018, following the first reports that Musk's statement "[f]unding secured" was under investigation, Tesla's shares fell $9.23 per share, or 2.4%, to close at $370.34 per share on August 8, 2018.

On August 9, 2018, Tesla shares continued to decline and fell by more than $17 per share in midday trading, resulting in a two-day decline of more than 6%.

If you are an investor in Tesla and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this press release, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: dhall@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com

 

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SOURCE Kaplan Fox & Kilsheimer LLP

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