NEW YORK, Aug. 31, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ: TSLA) and its CEO, Elon Musk (“Musk”), on behalf of shareholders who purchased or otherwise acquired Tesla securities between the now extended dates of August 7, 2018 to August 17, 2018, (the “Class Period”).  Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/tsla .

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The complaint states that on August 7, 2018, Musk stated on Twitter: (1) “Am considering taking Tesla private at $420”; (2) “Funding secured”; (3) “Shareholders could either to sell at 420 or hold shares & go private”; and (4) “Investor support is confirmed.”  Following these tweets, Tesla shares went up as much as $45.47 per share, or 13%, during intraday trading before closing at $379.57 on August 7, 2018.

Since then, both the U.S. Securities and Exchange Commission and Tesla’s board of directors are reportedly investigating the truth of Musk’s tweets, and whether in fact funding had been secured.  Several large investors and banks have said that they are unaware of any funding. Following the news of these investigations Tesla stock has dropped to close at $355.49 per share on August 10, 2018.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) contrary to Musk’s statements that funding had been “secured” to take Tesla private at $420 per share, no such funding had been secured; and (2) contrary to Musk’s statement that investor support to take Tesla private “is confirmed,” there was no such confirmation. 

The complaint continues to allege that on August 13, Musk tweeted "I'm excited to work with Silver Lake and Goldman Sachs as financial advisors . . . on the proposal to take Tesla private." However on August 14, Bloomberg issued an article titled "Goldman Is Said to Have No Mandate When Musk Tweeted," and said that neither entities were working with Musk when Musk wrote that the firms were advising him.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/tsla or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tesla you have until October 9, 2018 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com