Defendant Name:
Tesla, Inc.
Defendant Type:
Public Company
Document Reference:
court_doc14_18-cv-08947
Document Details
Legal Case Name
SEC v. Tesla, Inc.
Document Name
Final Judgment as to Defendant Tesla, Inc.
Document Date
16-Oct-2018
Document Format
Civil Proceeding
Case Number
18-cv-08947
Federal District Court
New York, Southern District of New York
Federal District Judge
Alison J. Nathan
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The Court stated: "The Securities and Exchange Commission having filed a Complaint and Defendant Tesla, Inc. having entered a general appearance; consented to the Court's jurisdiction over Defendant in this matter only and the subject matter of this action; consented to entry of this Final Judgment without admitting nor denying the allegations of the Complaint (except as to jurisdiction and except as otherwise provided herein in paragraph III); waived findings of fact and conclusions of law; waived any right to appeal from this Final Judgment."
Disgorgement & Penalty Information
Resolutions
Enjoinment
"Defendant shall comply with the following undertaking set forth therein within forty-five (45) days of the filing of the Consent to appoint an independent Chairman of the Company's Board of Directors ('Chairman') to replace Elon Musk, and agree not to reappoint Elon Musk to Chairman for a minimum of three years and unless such reappointment is approved by a majority vote of shareholders at such time. Upon request by the Company, the Commission staff may grant in its sole discretion an extension to the deadline set forth above [...] Defendant shall comply with the following undertakings set forth therein within ninety (90) days of the filing of the Consent to: (a) add two independent directors to the Company's Board of Directors [...] (b) create a permanent committee ("Committee") of the Company's Board of Directors [...] (c) employ or designate an experienced securities lawyer [...] (d) implement mandatory procedures and control to oversee all of Elon Musk's communications regarding the Company [...] (e) certify, in writing, compliance with the undertakings set forth above"
Monetary Penalties:
Civil Penalty
Individual:
$20,000,000.00
Shared:
