Tesla and Elon Musk sued by shareholders – lawsuit claims Autopilot and Full Self-Driver technology exaggerated
Tesla, CEO Elon Musk and other top employees of the company were sued by shareholders on Monday, who accused the defendants of downplaying the company’s safety and legal risks. Autopilot and Full Self-Driving (FSD) technology from the electric vehicle manufacturer.
According to a report by Reuters, the lawsuit was filed in San Francisco federal court and is led by Thomas Lamontagne, a Tesla shareholder. The lawsuit alleges that Tesla misled shareholders for more than four years with false and misleading statements regarding technologies that “created a serious risk of accident and injury.”
They said Tesla’s share price fell several times when the truth became known, and pointed to investigations by the National Highway Traffic Safety Administration (NHTSA) and the Securities and Exchange Commission. (SEC) to probe Musk’s claims about Autopilot.
Most recently, Tesla’s stock price fell 5.7% on February 16 after NHTSA orders a recall of nearly 363,000 Tesla vehicles equipped with the company’s FSD Beta software may cause problems in operation.
“Due to the defendants’ wrongful acts and omissions, and the rapid decline in the market value of the company’s common stock, the plaintiff and other members of the corporation,” the complaint states. may have suffered substantial loss and damage”.
