Defendant Name:
Tesla, Inc.
Defendant Type:
Public Company
Document Reference:
2018-226
Document Details
Legal Case Name
SEC v. Tesla, Inc.
Document Name
Elon Musk Settles SEC Fraud Charges; Tesla Charged With and Resolves Securities Law Charge
Document Date
29-Sep-2018
Document Format
Civil Proceeding
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The Securities and Exchange Commission announced today that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., has agreed to settle the securities fraud charge brought by the SEC against him last week. The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk's tweets, a charge that Tesla has agreed to settle. The settlements, which are subject to court approval, will result in comprehensive corporate governance and other reforms at Tesla--including Musk's removal as Chairman of the Tesla board--and the payment by Musk and Tesla of financial penalties.
Disgorgement & Penalty Information
Resolutions
Various undertakings