Anthony Sabino 'In re Tesla,' Tweets, and Securities Fraud
Social media is like fire: beneficial when employed wisely, capable of great harm if wielded recklessly. The truth of the latter was recently proven by 'In re Tesla, Inc. Securities Litigation,' discussed here.
October 08, 2020 at 12:38 PM
9 minute read
In the brave, new world of social media, corporate leaders increasingly disseminate pertinent information to stakeholders via tweets and blogs. Judiciously employed, social media has obvious benefits; yet, used imprudently, tweets and the like can easily ensnare businesses in costly lawsuits. The truth of the latter point was recently proven by In re Tesla, Inc. Securities Litigation, ___ F.Supp.3d ___ (No. 18-cv-04865) (N. D. Cal. April 15, 2020), where shareholders alleged a variety of federal securities code violations stemming from a controversial outburst of tweets from the automaker's CEO. Given that any publicly held corporation is susceptible to litigation of this sort any time its executives go on social media, this decision is worthy of our attention.
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