Live Updates: COVID-19 Cases
  • World 30,956,048
    World
    Confirmed: 30,956,048
    Active: 7,432,016
    Recovered: 22,563,483
    Death: 960,549
  • USA 6,961,297
    USA
    Confirmed: 6,961,297
    Active: 2,542,822
    Recovered: 4,214,773
    Death: 203,702
  • India 5,398,230
    India
    Confirmed: 5,398,230
    Active: 1,011,732
    Recovered: 4,299,724
    Death: 86,774
  • Brazil 4,528,240
    Brazil
    Confirmed: 4,528,240
    Active: 571,613
    Recovered: 3,820,095
    Death: 136,532
  • Russia 1,097,251
    Russia
    Confirmed: 1,097,251
    Active: 171,450
    Recovered: 906,462
    Death: 19,339
  • Peru 756,412
    Peru
    Confirmed: 756,412
    Active: 124,334
    Recovered: 600,795
    Death: 31,283
  • Mexico 688,954
    Mexico
    Confirmed: 688,954
    Active: 123,959
    Recovered: 492,192
    Death: 72,803
  • South Africa 659,656
    South Africa
    Confirmed: 659,656
    Active: 54,282
    Recovered: 589,434
    Death: 15,940
  • Spain 659,334
    Spain
    Confirmed: 659,334
    Active: 628,839
    Recovered: ?
    Death: 30,495
  • Chile 444,674
    Chile
    Confirmed: 444,674
    Active: 14,319
    Recovered: 418,101
    Death: 12,254
  • France 442,194
    France
    Confirmed: 442,194
    Active: 319,346
    Recovered: 91,574
    Death: 31,274
  • Iran 419,043
    Iran
    Confirmed: 419,043
    Active: 37,293
    Recovered: 357,632
    Death: 24,118
  • UK 390,358
    UK
    Confirmed: 390,358
    Active: 348,599
    Recovered: ?
    Death: 41,759
  • Bangladesh 347,372
    Bangladesh
    Confirmed: 347,372
    Active: 88,073
    Recovered: 254,386
    Death: 4,913
  • Saudi Arabia 329,271
    Saudi Arabia
    Confirmed: 329,271
    Active: 15,383
    Recovered: 309,430
    Death: 4,458
  • Pakistan 305,031
    Pakistan
    Confirmed: 305,031
    Active: 6,572
    Recovered: 292,044
    Death: 6,415
  • Turkey 301,348
    Turkey
    Confirmed: 301,348
    Active: 27,786
    Recovered: 266,117
    Death: 7,445
  • Italy 296,569
    Italy
    Confirmed: 296,569
    Active: 43,161
    Recovered: 217,716
    Death: 35,692
  • Germany 272,080
    Germany
    Confirmed: 272,080
    Active: 19,614
    Recovered: 243,000
    Death: 9,466
  • Canada 142,774
    Canada
    Confirmed: 142,774
    Active: 9,376
    Recovered: 124,187
    Death: 9,211
  • Netherlands 91,934
    Netherlands
    Confirmed: 91,934
    Active: 85,659
    Recovered: ?
    Death: 6,275
  • China 85,269
    China
    Confirmed: 85,269
    Active: 171
    Recovered: 80,464
    Death: 4,634
  • Australia 26,885
    Australia
    Confirmed: 26,885
    Active: 2,079
    Recovered: 23,962
    Death: 844
  • S. Korea 22,893
    S. Korea
    Confirmed: 22,893
    Active: 2,545
    Recovered: 19,970
    Death: 378
  • New Zealand 1,811
    New Zealand
    Confirmed: 1,811
    Active: 67
    Recovered: 1,719
    Death: 25

Musk and Tesla faces lawsuit by investors over ‘repeated misstatements’

Author at TechGenyz Insights
Investors Sue On Elon Musk

Yet again, Elon Musk and his company have been sued by Tesla investors over misstatements through tweets.

The new lawsuit, which was filed in Delaware Chancery Court, concerns contravention of duties that Musk and Tesla directors owe to investors.

The case is Laborers’ District Council and Contractors’ Pension Fund of Ohio v. Elon Musk, 2019-187, Delaware Court of Chancery.

In a 2018 tweet, Musk had talked about having secured a funding for a plan to make Tesla private, and then in February 2019 he had tweeted about Tesla possibly producing half a million vehicles this year alone, both of which proved to be ‘misstatements’ when Tesla remained public and also fell short of producing the estimated count.

According to a settlement given by the Securities and Exchange Commission (SEC) to Tesla, among other points, Musk had to get his market-related potential tweets evaluated by Tesla lawyers before posting them on the social media platform for the whole world to see and react to, especially those that could affect investor decisions.

Musk’s repeated ‘misstatements’ are proving to be rather harmful to the company and its shareholders, as Tesla has been fined $40 million and Musk faces the possibility of losing the CEO position.

Mr. Musk has continually disregarded all efforts to rein in his material misstatements on social media. – Michael Barry, an attorney for the Laborers’ District Council

The lawyers for the Laborers’ District Council and Contractors’ Pension Fund of Ohio, one of Tesla’s investors, have expressed that Musk’s “unchecked use of Twitter to make inaccurate statements about the company” should be checked.

Career

Subscribe