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Labaton Sucharow partner Jordan Thomas spoke to The Washington Post about the SEC’s announcement last night that it was suing Tesla and seeking to ban Tesla’s Chief Executive, Elon Musk, from leading any public company.
Jordan noted that SEC probes like this typically take years, not months, particularly in high-profile cases. “The speed in which this case was brought also reflects a more aggressive SEC enforcement division and their high degree of confidence in the case.” Jordan continued, “there is no middle gorund, if the SEC’s position is that he be barred from the industry…the vast majority of defendants settle with the SEC before filing. I am very surprised that they couldn’t find common ground.”
Labaton Sucharow, on behalf of Citron Research’s Andrew Left, filed a securities class action against Tesla and Elon Musk on September 6, 2018. The Firm’s action, which is related to the same underlying misconduct alleged in the SEC case, claims that Elon Musk artificially manipulated the price of Tesla securities with objectively false tweets in order to “burn” the company’s short-sellers.