Go ahead. I'll catch up.
- Mar 1, 2004
- Reaction score
https://www.cnbc.com/2018/09/27/tesla-falls-4percent-on-report-elon-musk-sued-by-sec.htmlTesla CEO Elon Musk has been sued by the Securities and Exchange Commission for fraud, according to court documents filed Thursday. Sources close to the company told CNBC the company was also expecting to be sued, though Tesla was not named as a defendant in the complaint.
Shares of the automaker fell roughly 11 percent in extended trading Thursday. The stock is roughly 30 percent below its 52-week high of $387.46.
The SEC complaint alleges that Musk issued "false and misleading" statements and failed to properly notify regulators of material company events. The SEC held a press conference Thursday night regarding the complaint.
Among other remedies, the SEC is seeking to bar Musk from serving as an officer or director of a publicly traded company if found guilty.