Tesla Inc.
Type of Case:
Bottini & Bottini has filed a shareholder lawsuit against Tesla's directors in federal court in Delaware, alleging damages to Tesla and its shareholders related to the SolarCity acquisition. The lawsuit alleges that Tesla procured shareholder approval for the SolarCity acquisition by filing a false and misleading Proxy Statement with the SEC, and that the acquisition was primarily aimed at salvaging the substantial investments of Elon Musk and others in SolarCity. The lawsuit alleges that Tesla overpaid for SolarCity, that SolarCity was at significant risk of bankruptcy at the time of the deal, and that SolarCity's significant financial burdens have harmed Tesla.
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