Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Trump Backs Nexstar–Tegna Merger Amid Shifting U.S. Media Landscape 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Anta Sports Expands Global Footprint With Strategic Puma Stake 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
NEW YORK, Sept. 20, 2016 -- Levi & Korsinsky, LLP announces that it filed a lawsuit on behalf of Tesla Motors, Inc. to challenge its proposed acquisition of SolarCity. The lawsuit alleges that Elon Musk and other conflicted Tesla directors, with the assistance of certain SolarCity directors, orchestrated Tesla’s acquisition of SolarCity to protect their personal investments in SolarCity, and Musk’s legacy in the solar energy industry.
According to the complaint, before the announcement of this deal, SolarCity was on the verge of collapse. If SolarCity fails, Musk and his family and friends, who are Tesla and SolarCity directors, will lose millions of dollars that they invested in SolarCity. In order to prevent these losses and protect their personal interests, Musk, Tesla’s CEO, Chairman and controlling stockholder, and the other Tesla and SolarCity directors forced Tesla to bailout SolarCity at a vastly inflated price. In fact, Musk, and his family and friends will collect nearly $1 billion of SolarCity’s purported $2.6 billion equity value while saddling Tesla with more than $3 billion of SolarCity’s debt. The SolarCity acquisition may also destroy Tesla’s future. Tesla is close to achieving its goal of mass producing an affordable electric car and becoming a profitable company, but it still faces many obstacles. Tesla, therefore, cannot afford the distraction of integrating a cash burning, non-core asset into the company.
To protect the interests of Tesla and its stockholders, Levi & Korsinsky, on behalf of Tesla, filed a lawsuit in the Delaware Court of Chancery challenging its proposed acquisition of SolarCity, and seeking all appropriate remedies. If you wish to join the lawsuit or obtain additional information, go to:
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500, toll-free: (877) 363-5972.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
