Tesla, Inc. Class Action Lawsuit - TSLA
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The Tesla class action lawsuit seeks to represent purchasers or acquirers of Tesla, Inc. (NASDAQ: TSLA) common stock between February 19, 2019 and February 17, 2023, inclusive (the “Class Period”). Captioned Lamontagne v. Tesla, Inc., No. 23-cv-00869 (N.D. Cal.), the Tesla class action lawsuit charges Tesla and certain of Tesla’s current and former top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Tesla class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Tesla class action lawsuit must be filed with the court no later than April 28, 2023.
CASE ALLEGATIONS: Tesla designs and manufactures electric vehicles, battery energy storage, solar panels and roof tiles, and related products and services. In 2014, Tesla 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, Tesla has touted refinements and enhancements to Tesla’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.
The Tesla class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Tesla had significantly overstated the efficacy, viability, and safety of Tesla’s Autopilot and FSD technologies; (ii) contrary to Tesla’s representations, Tesla’s Autopilot and FSD technologies created a serious risk of accident and injury associated with the operation of Tesla vehicles; and (iii) all the foregoing subjected Tesla to an increased risk of regulatory and governmental scrutiny and enforcement action.
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. On this news, Tesla’s stock price declined more than 3%.
Then, 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. On this news, Tesla’s stock price declined more than 4%.
Thereafter, 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 this news, Tesla’s stock price declined more than 9%.
Further, on January 27, 2023, media outlets reported that the U.S. Securities and Exchange Commission was investigating statements made by Tesla and its Chief Executive Officer, defendant Elon Musk, concerning the Autopilot system, including whether Musk made inappropriate forward-looking statements regarding the Autopilot system. On this news, Tesla’s stock price declined more than 6%.
Then, on February 16, 2023, media outlets reported that NHTSA had ordered a recall of nearly 363,000 Tesla vehicles equipped with Tesla’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. On this news, Tesla’s stock price declined more than 5%.
Finally, 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. On this news, Tesla’s stock price declined more than 5%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Tesla common stock during the Class Period to seek appointment as lead plaintiff of the Tesla class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Tesla class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Tesla class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Tesla class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.