Monday, 10 December, 2018

Tesla, CEO Elon Musk settle SEC fraud case for $40M

Elon Musk Tesla factory Business Insider Samantha Lee
Jodi Jackson | 30 September, 2018, 01:57

He will remain as the vehicle maker's CEO.

This is important as the SEC's lawsuit against Musk stated he made a series of "materially false and misleading statements" about taking the company private and having secured the funding to do so.

Musk - who will remain CEO of Tesla - will be ineligible to serve as chairman of the board for a period of three years and will be replaced by an "independent chairman", while two "independent directors" will also be appointed by Tesla, the SEC said. Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.

He wrote he had "funding secured" for the proposal, which would value Tesla at $420 per share.

It noted that the tweets caused significant market disruption. "Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact". The SEC said the company had no way to determine if his tweets contained information that must be disclosed in corporate filings, or if they contained complete and accurate information. The SEC charged Tesla with failing to have required disclosure controls and procedures for Musk's tweets.

Stephanie Avakian, Co-Director of the SEC's Enforcement Division said: 'The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors'.

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