STEVENSON, Md., Nov. 12, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Tesla Motors, Inc. ("Tesla" or the "Company") (Nasdaq:TSLA) securities during the period between May 10, 2013 and November 6, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Tesla Motors, Inc. securities purchased on or after May 10, 2013, and held through any of the revelations of negative information on October 2, 2013, October 28, 2013, November 5, 2013, and/or November 7, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 7, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Model S, the Company's only production vehicle for sale, suffered from material defects which caused the battery pack to ignite and erupt in flames under certain driving conditions, that the Company's future sales, its next-generation Model X introduction, and its stock price were vulnerable to the risks posed by the Model S's design flaws, and that the Company was unable to maintain a level of automobile deliveries sufficient to satisfy analyst concerns and compensate for other declining revenue streams. According to the Complaint, following October 2, 2013 news reports of a Model S battery pack catching fire and bursting into flames, October 28, 2013 news reports of a second Model S catching fire, the Company's November 5, 2013 disclosure that its third quarter 2013 financial results were below expectations on key metrics, including the rate of vehicle deliveries, and the Company's November 7, 2013 disclosure that a third fire had occurred in its flagship Model S, the value of Tesla shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
hoffman@browerpiven.com
