| [December 13, 2013] |
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Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Tesla Motors, Inc.
BENSALEM, Pa. --(Business Wire)--
Law Offices of Howard G. Smith announces 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 the securities of Tesla Motors, Inc. ("Tesla" or the
"Company") (NASDAQ:TSLA) between May 10, 2013 and November 6, 2013,
inclusive (the "Class Period").
Tesla designs, develops, manufactures and sells electric vehicles and
electric vehicle powertrain components. The Complaint alleges that
during the Class Period the defendants misrepresented or failed to
disclose that:
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Statements about the Model S's highest safety rating and lack of prior
fire incidents were materially misleading, due to undisclosed puncture
and fire risks in its undercarriage and lithium ion battey pack.
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The Model S suffered from material defects which caused the battery
pack to erupt in flames under certain driving conditions.
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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.
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The Company was unable to maintain sufficient automobile deliveries to
satisfy analyst concerns and compensate for other declining revenue
streams.
If you are a member of the Class described above, you may move the Court
no later than January 7, 2014, to serve as lead plaintiff. To be a
member of the Class, you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an absent
member of the Class. If you have any questions concerning this Notice or
your rights or interests with respect to these matters, please contact
Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070
Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at
(215) 638-4847, Toll Free at (888) 638-4847, or by email to [email protected],
or visit our website at http://www.howardsmithlaw.com.
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