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Update: Musk Denounces SEC Lawsuit

“Unjustified action…leaves me deeply saddened and disappointed.”

by Paul A. Eisenstein on Sep.28, 2018

Tesla CEO Elon Musk refuted the fraud charges brought against him in a lawsuit by the SEC.

Elon Musk and the Tesla board have fired back at the SEC, denouncing the federal lawsuit that could lead to the ouster of the automaker’s founder and CEO.

On Thursday, the Securities and Exchange Commission sued Musk, alleging he made “false and misleading statements” to investors when tweeting and posting about his plans to take the carmaker private last month. The suit could force Musk’s ouster, bar him permanently from holding a position of authority at a public company and result in millions of dollars in fines.

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While Tesla itself was not named in the suit, many observers expect that move could yet follow. Even if it didn’t, the company has been targeted by several investor lawsuits. (more…)