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TSLA.US
id: 591
Tesla Inc (TSLA) "Autopilot System" Case
N.D. California
Court23-CV-00869
Case number04/28/2023
Lead Plaintiff motion deadline- Several Tesla (TSLA) vehicle incidents have resulted in deaths.
- The reports linked the crashes with poorly performing Tesla's (TSLA) ADAS technologies.
- Tesla (TSLA) stock dropped over 5%, damaging investors.
- Investors suspect Tesla (TSLA) & its CEO, Elon Mask of inappropriate forward-looking statements regarding the Autopilot system.
On February 18, 2023, media reported that a Tesla (TSLA) vehicle crashed into a fire truck that was responding to an earlier accident, killing the driver and injuring a passenger and four firefighters.
News reports linked the crash with prior reports of Tesla vehicles crashing into stationary emergency vehicles as a consequence of poorly performing ADAS technologies, increasing market and public concerns regarding the Autopilot system in Tesla’s (TSLA) vehicles.
On this news, Tesla’s stock price fell 5.25%, seriously damaging investors.
This situation was preceded by several events:
- On February 16, 2023, media reported that NHTSA had ordered a recall of nearly 363,000 Tesla (TSLA) vehicles equipped with the Company’s FSD “Beta” software, stating that the software may allow the equipped vehicles to act “in an unlawful or unpredictable manner,” increasing the risk of a crash. On this news, Tesla’s (TSLA) stock price dropped 5.69%.
- On January 27, 2023, media reported that the SEC was investigating statements made by Tesla (TSLA) and its CEO, Elon R. Musk, concerning the Autopilot system, including whether Musk made inappropriate forward-looking statements regarding the Autopilot system. On this news, Tesla’s (TSLA) stock price fell 6.32%.
- On June 3, 2022, media reported that NHTSA had issued a formal inquiry to Tesla (TSLA) about the Autopilot and FSD features for certain models of its vehicles after receiving complaints from more than 750 owners of the vehicles about sudden and unexpected braking with no immediate cause. On this news, Tesla’s (TSLA) stock price fell 9.22%.
Taking all representations and appeared facts into account, Investors of Tesla (TSLA) have reasons to suspect the Company and its Leaders of misleading statements and gross negligence which injured customers and shareholders of the Company.
Case Status
Dismissed
Alleged Offence
Mismanagement,
Misleading Statements,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management,
Shareholder,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02/17/2023
Filing date
02/27/2023
Lead Plaintiff Deadline
04/28/2023
Judge
Hon. Beth Labson Freeman