A lawsuit was filed on behalf of investors in Tesla, Inc. (NASDAQ:TSLA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/14/2023 -- An investor, who purchased shares of Tesla, Inc. (NASDAQ: TSLA), filed a lawsuit over alleged violations of Federal Securities Laws by Tesla, Inc. in connection with certain allegedly false and misleading statements made between February 19, 2019 and February 17, 2023.
Investors who purchased a significant amount of shares of Tesla, Inc. (NASDAQ: TSLA) have certain options and for certain investors are short and strict deadlines running. Deadline: April 28, 2023. NASDAQ: TSLA investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
In 2014, Tesla, Inc. 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.
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 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 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 January 27, 2023, media outlets reported that the SEC was investigating statements made by Tesla, Inc. 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 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.
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.
Shares of Tesla, Inc. (NASDAQ: TSLA) declined from $318.50 per share on May 04, 2022, to as low as $101.81 per share on January 6, 2023.
The plaintiff claims that between February 19, 2019 and February 17, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that the Defendants had significantly overstated the efficacy, viability, and safety of the Company's Autopilot and FSD technologies, that 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, that all the foregoing subjected Tesla to an increased risk of regulatory and governmental scrutiny and enforcement action, as well as reputational harm, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Tesla, Inc. (NASDAQ: TSLA) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.