SAN FRANCISCO, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP updates investors in Tesla, Inc.
(NASDAQ: TSLA) concerning the firm’s securities class action and reminds them of the October 9, 2018 Lead
Plaintiff deadline. If you sold short Tesla securities and covered part or all of your short position
between August 7, 2018 through and including August 17, 2018 and suffered losses contact Hagens Berman Sobol Shapiro
LLP. Long investors are also covered by the class action, as are option traders during the class period. For more information
visit:
https://www.hbsslaw.com/cases/TSLA
or contact Reed Kathrein, who is leading the firm’s lawsuit on behalf of Tesla investors, by
calling 510-725-3000 or emailing
TSLA@hbsslaw.com.
On August 7, 2018, Elon Musk announced his intention to take the Company private, tweeting (among other things), “funding
secured” and “[i]nvestor support is confirmed.”
Then, the press reported funding was not secured and Musk admitted a majority of Tesla investors with whom he spoke essentially
expressed “please don’t do this.”
On September 7, 2018, Defendants announced the Company’s Chief Accounting Officer resigned effective immediately in part because
of post-August 6, 2018 public attention on the Company.
Most recently, on September 27, 2018, the SEC sued Musk for securities fraud based on the above tweets and seeks (among other
forms of relief) to ban Musk from serving as an officer or director of any issuer that has a class of securities registered under-
or that is required to file reports under the U.S. securities laws. The SEC is not seeking damages on behalf of
investors.
“Long-short hedge funds and other short-sellers who believed Musk had funding secured, or were forced to cover by virtue of
margin calls, have suffered some of the greatest damages,” said Hagens Berman partner Reed Kathrein. “Options traders were
also forced to cover or watch their options expire worthless. And then there are those who saw an opportunity to purchase
before the price eventually would reach the $420 price. All these investors deserve representation.”
Whistleblowers: Persons with non-public information regarding Tesla should consider their options to help
in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide
original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at 510-725-3000 or email TSLA@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across
the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the
firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
