NEW YORK, Nov. 28, 2017 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ:TSLA) and certain of its officers. The class action, filed in United States District Court, Northern District of California, is on behalf of a class consisting of investors who purchased or otherwise acquired Tesla securities, seeking to recover compensable damages caused by defendants’ violations of the Securities Exchange Act of 1934.
If you are a shareholder who purchased Tesla securities between May 4, 2016, and October 6, 2017, both dates inclusive, you have until December 11, 2017, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Tesla Inc. designs, manufactures, and sells high-performance electric vehicles and electric vehicle powertrain components. The Company owns its sales and service network and sells electric powertrain components to other automobile manufacturers. It primarily offers sedans and sport utility vehicles.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) contrary to Defendants’ representations that the Company was prepared for the launch of its Model 3 sedan, in reality, the Company had severely inadequate inventory and was woefully unprepared to launch Model 3 sedan as anticipated; and (ii) as a result, Tesla’s public statements were materially false and misleading at all relevant times.
On October 2, 2017, in a press release detailing the Company’s vehicle production and deliveries for the third quarter of 2017, Tesla cited “production bottlenecks” as the reason for its failure to meet its production goals for its Model 3 sedan.
On October 6, 2017, post-market, the Wall Street Journal published an article entitled “Behind Tesla’s Production Delays: Parts of Model 3 Were Being Made by Hand.”
Following this news, Tesla’s share price fell $13.94, or 3.91%, to close at $342.94 on October 9, 2017, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby