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(Reuters) - The prominent short-seller Andrew Left has sued Tesla Inc (TSLA.O) and its Chief Executive Elon Musk, saying Musk fraudulently engineered his since-abandoned plan to take Tesla private to “burn” investors hoping the electric car company’s stock price would fall. Left, whose reports at Citron Research often push stock prices lower, said in his proposed class-action complaint on Thursday that Musk’s issuance of materially false and misleading information harmed short-sellers like himself, as well as those hoping Tesla’s stock price would rise.
The shareholder lawsuit is one of at least seven targeting Musk since he stunned investors by announcing on Twitter on Aug, 7 that he might take Tesla private for $420 per share, in a $72 billion transaction for which “funding” had been “secured.”, That announcement drove Tesla’s share price up more than 13 percent from its close the prior day, stainless steel republican elephant cufflinks Musk announced on Aug, 24 that Tesla would stay public, Tesla did not respond to requests for comment on Left’s lawsuit, which was filed in San Francisco federal court..
Short-sellers borrow shares they believe are overpriced, sell them, and then repurchase shares later at what they hope will be lower prices to make profits. Known as an activist investor, Left was among the first short-sellers to challenge Canadian drug company Valeant, which he called a “pharmaceutical Enron” after the failed energy company, before its stock price plunged amid worries about its business practices and regulatory probes. Valeant is now called Bausch Health Companies Inc (BHC.TO).
Musk has long used Twitter to criticize short-sellers, and Left said his conduct violated federal securities laws, “Defendant Musk artificially manipulated stainless steel republican elephant cufflinks the price of Tesla securities with objectively false tweets in order to ‘burn’ the company’s short-sellers,” Left said, “In the succeeding days, the truth regarding the supposedly ‘secure’ financing needed to effectuate the going-private transaction began to emerge, exposing the fraudulent scheme,” he added..
The proposed class period runs from Aug. 7 to Aug. 17, over which time Left said he bought and sold many millions of dollars of Tesla shares. That period ended after the New York Times published an interview in which Musk, who owns about one-fifth of Tesla, described severe stress he faced running the Palo Alto, California-based company. Finally, on the evening of Aug. 24, a Friday, Musk, by then facing U.S. Securities and Exchange Commission scrutiny into the factual accuracy of his 'secured' tweet, blogged here that Tesla would remain public, citing investor resistance.
WASHINGTON (Reuters) - Ford Motor Co (F.N) said on Thursday it would recall 2 million F-150 pickup trucks in North America because of a seat belt stainless steel republican elephant cufflinks problem that could generate excessive sparks and cause fires, The second-largest U.S, automaker said it received 17 reports of smoke or fire in the United States and six in Canada but was not aware of any injuries, During a crash, a device called a pretensioner uses an explosive charge to lock the seat belt in place, The company said the device may generate excessive sparks..
Ford will fix the problem for free and said in a securities filing the recall would cost about $140 million. The company said the cost would be reflected in third-quarter earnings but Ford left unchanged its guidance for full-year 2018 adjusted earnings. The recall covers 2015-2018 Ford F-150 Regular Cab and SuperCrew Cab vehicles in North America for driver and front passenger seat-belt pretensioners. Ford said the recall included 1.62 million U.S. vehicles, 340,000 in Canada and 37,000 in Mexico.
Shares of the company closed down 0.5 percent at $9.45, To resolve the issue, dealers will remove some insulation material and remnants of wiring harness tape from the vehicle’s B pillar area, and apply heat-resistant tape to the carpet and its insulation, They will also modify the back interior panels of Regular Cab vehicles, The B pillar is the vertical support behind a vehicle’s front seat windows, The stainless steel republican elephant cufflinks recall came just weeks after the National Highway Traffic Safety Administration (NHTSA) opened a preliminary investigation in August after five complaints of fires in the seat belt component, including three vehicles destroyed by fires, The agency had asked Ford about fire reports earlier this year..