Andrew Left, the head of Citron Research, “individually and on behalf of all others similarly situated,” has filed a securities class action lawsuit against Tesla and its Chairman and CEO Elon Musk in the U.S. District Court for the Northern District of California. In the suit, Left alleges that Musk “artificially manipulated the price of Tesla securities with objectively false tweets in order to ‘burn’ the company’s short-sellers.” The suit filing goes on to state that 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, and in the process, injuring class period investors as the price of Tesla securities deteriorated rapidly.” Tesla shares are down fractionally to $280.10 in afternoon trading.
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