Tesla, Inc. (NASDAQ: TSLA)
Hagens Berman Sobol Shapiro LLP has filed a class action lawsuit on behalf of investors in Tesla, Inc. (NASDAQ: TSLA).
The complaint alleges Tesla, Inc. and its Chief Executive Officer (Elon Musk) violated the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, contact attorney Reed Kathrein at 510-725-3000, email TSLA@hbsslaw.com or fill out the form on this page to find out your rights.
Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that during the Class Period, Defendants misrepresented that they had already “secured” funding to take the Company private, and that they already had “investor support” for this move at $420 per share. These false statements had a material impact on the prices of Tesla securities.
Tesla is one of the most shorted stocks trading today. As a result, this news forced long-short and other hedge funds to cover their positions. Even investors who thought that 420 was a comedic reference to smoking marijuana, were forced to cover shorts, saw their options expire worthless, received margin calls, or bought long to protect their positions.
When the truth came out that “funding” was not indeed “secured”, investors who traded between August 7, 2018 and, perhaps as long as August 17, 2018, were injured. We continue investigate damages outside this period.
Hagens Berman represents hedge funds, institutional investors and other investors who incurred substantial losses during this period and is reviewing their damages. If you have incurred substantial damages and wish for us to review your damages, please contact us. There may be various options to consider.
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