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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Tesla Motors, Inc


Friday, 22 Nov 2013 03:24pm EST 

Glancy Binkow & Goldberg LLP, representing investors of Tesla Motors, Inc. ("Tesla" or the "Company") announced that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") comprising all purchasers of Tesla securities between May 10, 2013 and November 6, 2013, inclusive (the "Class Period"). The Complaint alleges that during the Class Period the defendants misrepresented or failed to disclose that; Statements about the Model S's safety rating and lack of prior fire incidents were materially misleading, due to undisclosed puncture and fire risks in its undercarriage and lithium ion battery pack, the Model S suffered from material defects which caused the battery pack to erupt in flames under certain driving conditions, Tesla`s future sales, next generation Model X introduction, and stock price were vulnerable to the inherent risk posed by the Model S`s design flaws and the Company was unable to maintain sufficient automobile deliveries to satisfy analyst concerns and compensate for other declining revenue streams. 

Company Quote

198.12
-0.99 -0.50%
17 Apr 2014