Firms Vie for Leadership Post in Tesla Derivative Litigation
Plaintiffs' attorneys are setting up for a battle in Delaware federal court over lead counsel status in derivative litigation challenging Tesla Inc.'s $2.6 billion bid to acquire an allegedly failing solar energy system installer SolarCity Corp.
May 08, 2017 at 06:09 PM
4 minute read
Plaintiffs' attorneys are setting up for a battle in Delaware federal court over lead counsel status in derivative litigation challenging Tesla Inc.'s $2.6 billion bid to acquire an allegedly failing solar energy system installer SolarCity Corp.
On May 4, attorneys from Grant & Eisenhofer, Kessler Topaz Meltzer & Check and Robbins Geller Rudman & Dowd moved to consolidate and appoint co-lead counsel in two cases in the U.S. District Court for the District of Delaware, each accusing Tesla CEO Elon Musk and Tesla's officers of overpaying for the firm in a conflicted deal that would allegedly benefit Musk and his family members.
The budding leadership fight mirrors a similar dispute that played out late last year in the Delaware Court of Chancery, where the firms beat out San Diego-based Bottini & Bottini in September to be named co-lead counsel in consolidated litigation over the same transaction.
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