Elon Musk. Photo: Steve Jurvetson via Wikimedia Commons Plaintiff's Firm Seeks SEC Documents in Elon Musk Investigation
Levi & Korsinsky claim the U.S. Securities and Exchange Commission has wrongfully withheld documents related to the agency's fraud investigation into Elon Musk.
May 16, 2019 at 06:45 PM
3 minute read
The original version of this story was published on The Recorder
A Washington, D.C., law firm is demanding the U.S. Securities and Exchange Commission turn over documents involving a fraud investigation into Tesla and SpaceX CEO Elon Musk.
Levi & Korsinsky petitioned the U.S. District Court for the District of Columbia to compel the SEC's cooperation with a Freedom of Information Act request related to one of its class action cases. Levi & Korsinsky attorneys represent a group of Tesla investors who claim they were duped when Musk tweeted plans to take the company private. The law firm claims the records might help support claims that the tech entrepreneur misled the public and manipulated the market.
In a now deleted tweet published Aug. 7, Musk announced he was considering taking Tesla private at $420 a share. Two days after the post, the SEC filed a complaint alleging Musk violated the disclosure controls and procedures rules of the Securities Exchange Act and began digging into the accuracy of his statement. After media organizations reported that no such deals came close to being finalized, the company's stock plummeted.
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