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Tesla Inc (NASDAQ: TSLA) Investor Securities Class Action Lawsuit 10/10/2017

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Lawsuit Overview

Case Dismissed
Company
Tesla Motors Inc
Security
NASDAQ: TSLA

Case Name
Tesla Motors Shareholder Class Action Lawsuit 10/10/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of California

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

March 25, 2019 - The court granted the defendants' motion to dismiss. The case was dismissed.

November 20, 2018 - A motion to dismiss the second amended complaint was filed.

September 28, 2018 - A second amended complaint was filed.

August 27, 2018 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint.

May 25, 2018 - A motion to dismiss the amended complaint was filed.

March 23, 2018 - An amended complaint was filed.

October 10, 2017 - An investor in shares of Tesla Inc (NASDAQ: TSLA) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Tesla Inc in connection with certain allegedly false and misleading statements made between May 4, 2016 and October 6, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Tesla Inc (NASDAQ: TSLA) common shares between May 4, 2016 and October 6, 2017, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 4, 2016 and October 6, 2017, the defendants throughout the class period made false and/or misleading statements and/or failed to disclose that contrary to defendants’ representations that Tesla was prepared for the launch of its Model 3 sedan, in reality, Tesla had severely inadequate inventory and was woefully unprepared to launch Model 3 sedan as anticipated, and that as a result, Tesla’s public statements were materially false and misleading at all relevant times.

Tesla Inc reported that its annual Total Revenue rose from over $4.04 billion in 2015 to over $7 billion in 2016 and that its Net Loss declined from $888.66 million in 2015 to $674.91 million in 2016.

Shares of Tesla Inc (NASDAQ: TSLA) grew from$181.47 per share in December 2016 to as high as $383.45 per share in June 2017.

On October 2, 2017, Tesla Inc announced the Company's vehicle production and deliveries for the third quarter of 2017. Tesla Inc 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, an article was published reporting, in part, that [u]nknown to analysts, investors and the hundreds of thousands of customers who signed up to buy it, as recently as early September major portions of the Model 3 were still being banged out by hand, away from the automated production line, according to people familiar with the matter.