Law360, New York (March 24, 2017, 4:53 PM EDT) -- A pair of Tesla Inc. shareholders on Friday filed a putative class action alleging CEO Elon Musk and several other former directors and executives of the electric car maker made false statements about its $2.6 billion purchase of SolarCity Corp. last year.Shareholders Francis Freeman Jr. and Marnie McMahon claim that Musk and other Tesla insiders put out a proxy intended to mislead investors on Solar City’s financial condition to push through a deal intended to allow Musk to offload his own significant investment in the solar panel maker.“Defendants’ violations of law caused significant damages to Tesla by causing Tesla... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Tesla shareholders Francis Freeman Jr and Marnie McMahon have filed a class-action lawsuit against company CEO Elon Musk and several former directors and executives. Freeman Jr and McMahon claim the electric car manufacturer made "false statements" about its $2.6bn acquisition of Musk, in 2016.