SAN FRANCISCO, — Hagens Berman Sobol Shapiro LLP alerts investors in Tesla, Inc. (NASDAQ:TSLA) to the securities class action pending in the U.S. District Court for the Northern District of California. The Lead Plaintiff deadline is December 11, 2017. If you purchased or otherwise acquired securities of TSLA between May 4, 2016 and November 1, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On October 6, 2017, the Wall Street Journal reported: “Unknown to analysts, investors and the hundreds of thousands of customers who signed up to buy it, as recently as early September major portions of the Model 3 were still being banged out by hand, away from the automated production line, according to people familiar with the matter.” This news drove the price of TSLA shares down $13.94, or nearly 4%, to close at $342.94 on October 9, 2017.
Then, on November 1, 2017, the WSJ reported (a) “Tesla said it would build 10% fewer Model S and X vehicles in the fourth quarter than the third quarter” and (b) “[t]he outlook is even worse for the Model 3 […] [i]t now expects to produce 5,000 a week by the first quarter of next year, another slippage in its timeline.” This news drove the price of TSLA shares down as much as $24.80, or nearly 8%, during intraday trading on November 2, 2017.
“We’re focused on Tesla’s apparent omissions concerning its struggle to build the Model 3 and investor damages resulting from the recent revelations,” said Hagens Berman partner Reed Kathrein.
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 [email protected].
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Reed Kathrein, 510-725-3000