NEW YORK, April 3, 2023 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Tesla, Inc. ("Tesla" or the "Company") (NASDAQ: TSLA) and certain officers. The class action, filed in the United States District Court for the Northern District of California, and docketed under 23-cv-00869, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired publicly traded Tesla common stock between February 19, 2019 and February 17, 2023, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Tesla common stock during the Class Period, you have until April 28, 2023 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at newaction@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
Tesla designs and manufactures electric vehicles, battery energy storage, solar panels and roof tiles, and related products and services.
In 2014, Tesla announced Tesla Autopilot ("Autopilot"), a suite of purportedly advanced driver-assistance system ("ADAS") features including automated lane-centering, traffic-aware cruise control, lane changes, semi-autonomous navigation, and self-parking. In September 2014, all Tesla cars started shipping with the sensors and software necessary to support the Autopilot system. Since then, the Company has touted refinements and enhancements to the Company's ADAS and Autopilot features, including so-called "Full Self-Driving" ("FSD") software, which purportedly enables Tesla vehicles to drive autonomously to a destination entered in the car's navigation system.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Defendants had significantly overstated the efficacy, viability, and safety of the Company's Autopilot and FSD technologies; (ii) contrary to Defendants' representations, Tesla's Autopilot and FSD technologies created a serious risk of accident and injury associated with the operation of Tesla vehicles; (iii) all the foregoing subjected Tesla to an increased risk of regulatory and governmental scrutiny and enforcement action, as well as reputational harm; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On April 18, 2021, media outlets reported that a Tesla vehicle with "no one" driving it had crashed into a tree, killing two passengers near Houston, Texas in a "fiery" crash. A Harris County Precinct constable told local news station KPRC 2 that the investigation showed "no one was driving" the 2019 Tesla vehicle when the accident occurred.
On this news, Tesla's stock price fell $25.15 per share, or 3.4%, to close at $714.63 per share on April 19, 2021.
On August 16, 2021, media outlets reported that the National Highway Traffic Safety Administration ("NHTSA") had opened a formal investigation into Tesla's Autopilot system after a series of collisions with parked emergency vehicles. The scope of the investigation included 765,000 vehicles, or nearly every vehicle that Tesla has sold in the U.S. since the start of the 2014 model year.
On this news, Tesla's stock price fell $31.00 per share, or 4.32%, to close at $686.17 per share on August 16, 2021.
On June 3, 2022, media outlets reported that NHTSA had issued a formal inquiry to Tesla about the Autopilot and FSD features for certain models of its vehicles after receiving complaints from more than 750 owners of the vehicles about sudden and unexpected braking with no immediate cause.
On this news, Tesla's stock price fell $71.45 per share, or 9.22%, to close at $703.55 per share on June 3, 2022.
On January 27, 2023, media outlets reported that the SEC was investigating statements made by Tesla and its Chief Executive Officer, Defendant Elon R. Musk, concerning the Autopilot system, including whether Musk made inappropriate forward-looking statements regarding the Autopilot system.
On this news, Tesla's stock price fell $11.24 per share, or 6.32%, to close at $166.66 per share on January 30, 2023.
On February 16, 2023, media outlets reported that NHTSA had ordered a recall of nearly 363,000 Tesla vehicles equipped with the Company's FSD "Beta" software, stating that the software may allow the equipped vehicles to act "in an unlawful or unpredictable manner," increasing the risk of a crash.
On this news, Tesla's stock price fell $12.20 per share, or 5.69%, to close at $202.04 per share on February 16, 2023.
Then, on February 18, 2023, media outlets reported that a Tesla vehicle had crashed into a fire truck that was responding to an earlier accident, killing the driver and injuring a passenger and four firefighters. News reports linked the crash with prior reports of Tesla vehicles crashing into stationary emergency vehicles as a consequence of poorly performing ADAS technologies, increasing market and public concerns regarding the Autopilot system in Tesla's vehicles.
On this news, Tesla's stock price fell $10.94 per share, or 5.25%, to close at $197.37 per share on February 21, 2023, the next trading day.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
