NEW YORK, Oct. 30, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Tesla Motors, Inc. ("Tesla"). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.
The investigation concerns whether Tesla and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In an August 19, 2013 press release, Tesla touted its Model S as having achieved the "best safety rating of any car ever tested" by the National Highway Traffic Safety Administration ("NHTSA"). On October 2, 2013, an analyst downgraded Tesla due to "execution risk." On October 17, 2013 in Merida, Mexico, a Model S sped into a roundabout, crashed through a concrete wall and hit a tree. The driver fled the scene before the car went up in flames. The U.S. automotive Web site Jalopnik reported the story Monday, citing the Mexican newspaper Progreso Hoy.
It was the second time this month that a Model S – (Tesla's only vehicle on the market) was in a fiery crash. On October 2, 2013, a Model S burned after hitting road debris in Kent, Washington.
On this news, shares of Tesla fell 4 percent to close at $162.86 on October 28, 2013. The shares have fallen 16 percent since the October 2 nd crash.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP, with offices in New York, Chicago, San Diego and Florida, 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 70 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 Pomerantz Grossman Hufford Dahlstrom & Gross LLP
