SAN FRANCISCO, May 9 — US prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’...
In SRC’s US$1.1b suit against Najib, ex-director says former PM blaming him and board for RM3.6b loss is an ‘afterthought’
US regulators have separately investigated hundreds of crashes, including fatal ones, that have occurred in Teslas with Autopilot engaged, resulting in a mass recall by the automaker. Reuters could not determine the specific statements prosecutors are reviewing as potentially illegal. Musk has aggressively touted the prowess of Tesla’s driver-assistance technology for nearly a decade.
Musk is increasingly focused on self-driving technology as Tesla’s car sales and profit slump. Tesla recently slashed costs through mass layoffs and shelved plans for a long-awaited US$25,000 model that had been expected to drive sales growth. US courts previously have ruled that “puffery” or “corporate optimism” regarding product claims do not amount to fraud. In 2008, a federal appeals court ruled that statements of corporate optimism alone do not demonstrate that a company official intentionally misled investors.
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