A lawsuit was filed for current long-term investors in Tesla Motors Inc (NASDAQ:TSLA) in connection with the takeover of SolarCity and NASDAQ:TSLA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/15/2017 -- Several investors in Tesla Motors Inc shares filed lawsuits in Delaware on behalf of holders of shares of Tesla Motors Inc (NASDAQ:TSLA) in connection with the takeover of SolarCity by Tesla Motors.
Investors who purchased shares of Tesla Motors Inc (NASDAQ: TSLA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
In June 2016, Tesla Motors, Inc. proposed to the Board of Directors of SolarCity Corporation a potential acquisition of SolarCity by Tesla Motors.
Several lawsuits were filed in Delaware over alleged breaches of fiduciary duties by certain Tesla Motors directors. More specifically, the plaintiffs claim that certain members of Tesla Motors Inc's board of directors breached their fiduciary duties in connection with the SolarCity acquisition. The plaintiffs allege that Tesla Motors Inc has offered to pay too much for allegedly failing SolarCity Corporation in a conflicted transaction that could weaken Tesla Motors Inc and jeopardize its shareholder value. Furthermore, the plaintiffs claim that if SolarCity fails, certain Tesla and SolarCity directors, including Elon Musk and his family and friends, will lose motions of dollars that they invested in SolarCity Corporation and in order to prevent these loses Elon Musk, Tesla Motors' CEO, Chairman and controlling stockholder, and the other Tesla Motors Inc and SolarCity Corporation directors forced Tesla Motors Inc to acquire SolarCity Corporation. The plaintiffs claim that Elon Musk, and his family and friends will collect nearly $1 billion of SolarCity Corporation's purported $2.6 billion equity value while saddling Tesla Motors Inc with more than $3 billion of SolarCity Corporation's debt.
Those who purchased Tesla Motors Inc shares should contact the Shareholders Foundation, Inc.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com