NEW YORK, NY / ACCESSWIRE / November 1, 2017 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Tesla, Inc. ('Tesla' or the 'Company') (NASDAQ: TSLA) securities and certain of its officers, on behalf of a class who purchased Tesla securities between May 4, 2016, and October 6, 2017, both dates inclusive (the 'Class Period'). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/tsla.
This class action seeks torecover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
Tesla Inc. designs, manufactures, and sells high-performance electric vehicles and electric vehicle powertrain components. Tesla owns its sales and service network and sells electric powertrain components to other automobile manufacturers. It primarily offers sedans and sport utility vehicles.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) contrary to Defendants' representations that the Company was prepared for the launch of its Model 3 sedan, in reality, the Company had severely inadequate inventory and was woefully unprepared to launch Model 3 sedan as anticipated; and (2) consequently, Tesla's public statements were materially false and misleading at all relevant times.
On October 2, 2017, in a press release detailing the Company's vehicle production and deliveries for the third quarter of 2017, Tesla cited 'production bottlenecks' as the reason for its failure to meet its production goals for its Model 3 sedan.
On October 6, 2017, post-market, the Wall Street Journal published an article entitled 'Behind Tesla's Production Delays: Parts of Model 3 Were Being Made by Hand.'
Following this news, Tesla stock dropped $13.94 per share, or 3.91%, to close at $342.94 on October 9, 2017.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/tsla or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Tesla you have until December 11, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
