NEW YORK, Oct. 3, 2013 LawFuel.com — Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Tesla Motors, Inc. (“Tesla”) TSLA -0.40% . Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Tesla and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In an August 19, 2013 press release, Tesla touted its Model S as having achieved the “best safety rating of any car ever tested” by the National Highway Traffic Safety Administration (“NHTSA”). On October 2, 2013, an analyst downgraded Tesla due to “execution risk.” Later the same day, a Model S burst into flames following a purported collision, with Tesla later admitting that the fire began in its battery pack.
On this news, shares of Tesla fell $12.05 per share from its $193.00 October 1, 2013 closing price (more than 6.24%) on intraday trading to a closing price of $180.95 on October 2, 2013. Its stock fell further in after-hours trading, and opened at $175.045 on October 3, 2013.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.