NEW YORK, Aug. 03, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Tesla, Inc. (“Tesla” or the “Company”) (NASDAQ: TSLA). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Tesla and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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After the market closed on July 23, 2024, Tesla announced its Q2 2024 results, reporting lower earnings-per-share (“EPS”) and operating income than anticipated. Specifically, EPS came in at $0.52 vs. $0.62 consensus and $0.91 a year ago and, while operating margin was reported at 6.3% of sales to improve from last quarter's mark of 5.5%, this figure landed below last year's mark of 9.6%. In addition, although Tesla promised a “fleet” of robotaxis and was optimistic regarding the Company’s autonomous Autopilot driving system, market analysts reported that investors focused more on the Company's Q2 EPS miss, disappointing operating margins and free cash flow lines, and slower 2024 growth forecast.
On this news, Tesla’s stock price fell $30.39 per share, or 12.33%, to close at $215.99 per share on July 24, 2024.
Then, on July 30, 2024, as part of a comprehensive investigation into the Autopilot system, the Wall Street Journal published a video about Tesla’s Autopilot system, highlighting “longstanding concerns” regarding the company's camera-based technology and suggesting that this technology has been a key factor in several crashes, some of which were fatal.
On this news, Tesla’s stock price fell $9.48 per share, or 4.08%, to close at $222.62 per share on July 30, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
