SAN DIEGO, March 06, 2017 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that lawsuits are pending in Delaware on behalf of holders of shares of Tesla Motors Inc (NASDAQ:TSLA) in connection with the takeover of SolarCity by Tesla Motors.
Investors who purchased shares of Tesla Motors Inc (NASDAQ:TSLA) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
In June 2016, Tesla Motors, Inc. proposed to the Board of Directors of SolarCity Corporation a potential acquisition of SolarCity by Tesla Motors.
Several lawsuits were filed in Delaware over alleged breaches of fiduciary duties by certain Tesla Motors directors. More specifically, the plaintiffs claim that certain members of Tesla Motors Inc’s board of directors breached their fiduciary duties in connection with the SolarCity acquisition. The plaintiffs allege that Tesla Motors Inc has offered to pay too much for allegedly failing SolarCity Corporation in a conflicted transaction that could weaken Tesla Motors Inc and jeopardize its shareholder value. Furthermore, the plaintiffs claim that if SolarCity fails, certain Tesla and SolarCity directors, including Elon Musk and his family and friends, will lose millions of dollars that they invested in SolarCity Corporation and in order to prevent these losses Elon Musk, Tesla Motors’ CEO, Chairman and controlling stockholder, and the other Tesla Motors Inc and SolarCity Corporation directors forced Tesla Motors Inc to acquire SolarCity Corporation. The plaintiffs claim that Elon Musk and his family and friends will collect nearly $1 billion of SolarCity Corporation’s purported $2.6 billion equity value while saddling Tesla Motors Inc with more than $3 billion of SolarCity Corporation’s debt.
Those who purchased Tesla Motors Inc (NASDAQ:TSLA) shares should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.