On August 12, 2016, HGT Law commenced an action against Tesla Motors, Inc., pursuant to 8 Del. C. § 220 to compel inspection of the Company’s books and records. HGT Law is investigating whether Tesla and its officers and directors have misled investors regarding the existence of various production constraints. According to Tesla, it is these production constraints that have caused the Company to miss its sales guidance on several occasions, not any underlying weakness in demand. As alleged in the lawsuit, however, these public statements may be misleading because Tesla in fact appears to have more production capacity than it has publicly disclosed to shareholders.
As alleged in the Complaint, Plaintiff seeks an order requiring Tesla to permit Plaintiff and his attorneys to inspect and copy the Company’s books and records with respect to Tesla’s vehicle production capacity, actual production, capacity utilization and deliveries (sales) of vehicles. Plaintiff’s Opening Trial Brief can be found here.
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