Tesla Shareholder Sued Elon Musk For Exaggerating. How It Ended Tesla Shareholder Sued Elon Musk For Exaggerating. How It Ended It used to be a snap for plaintiffs lawyers to extract money from a company when its stock dropped suddenly.
Elon Musk is the founder of US-based electric vehicle firm Tesla,
Gregory Wochos et al v. Tesla Inc. et al
Case #17-CV-05828
The Origin
In 2017, Gregory Wochos, a clinical neuropsychologist in Wisconsin, owned a very pricey stock: Tesla. The company was losing hundreds of millions of dollars every quarter, but Wochos and other investors believed fervently that Chief Executive Officer Elon Musk was on the verge of producing an electric car for the masses. Indeed, the Model 3 was already in production. Musk-and Tesla-promised the world that the company would soon churn out 5,000 a week. No wonder the stock was up 84% in the first nine months of 2017!