A Tesla shareholder wants to seek compensation through a class action lawsuit in the United States for share price losses after accidents and problems with the driver assistance system “Autopilot”.
The lawsuit, filed Monday in California, alleges that Tesla, CEO Elon Musk and other top executives exaggerated the technology’s capabilities with false and misleading claims.
The lawsuit lists several days when Tesla’s share price fell significantly – after accidents or investigations by US authorities into the “autopilot” system became known. The allegations also focus on Musk’s repeated announcements in recent years that Tesla cars will soon be fully self-driving. Even Tesla’s robotaxi fleet promised to Musk years ago has vanished into the distant future.
In the United States, according to Musk’s promises, tens of thousands of Tesla buyers have bought for thousands of dollars the “Full Self-Driving” option, which is in constant development, but is reportedly still a long way from being able to fully control the car itself. Lately, there have been increasing doubts whether the Tesla vehicles sold so far will ever be able to drive autonomously.
Just a few weeks ago, Tesla shareholders discovered how difficult it can be to tie price trends to specific court events. They also wanted to file a class action lawsuit to get redress for stock price volatility following Musk’s August 2018 announcement that he wanted to take Tesla private.
A deal fell through at the time, and the SEC concluded that Musk was making misleading statements when he wrote that funding for the deal had been secured. Yet shareholder lawyers, among other things, failed to convince the jury that Musk’s tweets had a major impact on the share price.
(oli/sda/awp/dpa)
Source: Watson
I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
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