CHICAGO, Aug. 10, 2018 /PRNewswire/ -- Keller Lenkner
LLC ("Keller Lenkner") today announced that a class action has been
commenced on behalf of all purchasers of securities of Tesla, Inc.
("Tesla" or the "Company") (NASDAQ:TSLA) after 12:48pm eastern standard time on August 7, 2018 through and including August 8, 2018 (the "Class Period"). The
action was filed in the Northern District of California and is captioned Kalman Isaacs v. Elon
Musk, et al., No. 3:18-cv-04865.
The complaint charges that defendant Elon Musk ("Musk"), the Company's Chairman and
Chief Executive Officer, and Tesla, violated the Securities
Exchange Act of 1934 by issuing false and misleading statements
regarding Musk taking the Company private. In particular, and
importantly, at 12:48pm eastern standard
time on August 7, 2018, Musk
issued a statement via Twitter that "funding" for the deal had been
"secured" ("Funding secured"). In reaction to Musk's Tweet,
the price of Tesla's stock soared to an intra-day high of
$387.46, $45.47 above the previous day's closing price,
closing at $379.57 per share.
Musk, however, was not telling the truth. Rather, he had
Tweeted to decimate the Company's short-sellers who were forced to
cover their positions over the succeeding days at artificially
inflated prices. Indeed, the price of Tesla stock also
remained inflated throughout the next day, August 8, 2018.
If you wish to serve as lead plaintiff for the Class, you must
file a motion with the Court no later than October 9, 2018,
which is the first business day on which the District Court for the
Northern District of California is open that is 60 days after
the publication date of August 10, 2018. Any member of
the proposed class may move the Court to serve as lead plaintiff
through counsel of their choice.
The plaintiff is represented by Keller Lenkner. If you
wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact plaintiff's
counsel, Ashley Keller of Keller
Lenkner at 312-741-5220, or via e-mail
at ack@kellerlenkner.com
Keller Lenkner pursues high-stakes litigation for plaintiffs
across a variety of claims and practice areas. Its lawyers are
uniquely situated at the intersection of law and finance, with
experience that includes litigating in courts throughout the
country as well as co-founding the world's largest private
litigation finance firm. www.kellerlenkner.com
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SOURCE Keller Lenkner LLC