NEW YORK, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased Tesla Motors, Inc. ("Tesla" or the "Company") (Nasdaq:TSLA) common stock between May 10, 2013 and November 6, 2013.
For more information, click here: http://zlk.9nl.com/teslamotors-tsla/.
The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that: (a) Tesla's statements about the safety rating of its Model S were materially misleading, due to undisclosed puncture and fire risks in its undercarriage and lithium ion battery pack; (b) the Model S suffers from material defects which have caused the battery pack to ignite and erupt into flames under certain conditions; and that (c) Tesla was unable to maintain a level of deliveries sufficient to satisfy analyst concerns and compensate for other declining revenue streams.
On October 2, 2013, an analyst downgraded Tesla due to "execution risk." Since this downgrade three Tesla Model S's have burst into flames. Shares of Tesla closed at $193.00 per share before the October 2nd announcement, and have fallen to a recent close of $144.70 per share on November 11, 2013.
If you suffered a loss in Tesla you have until January 7, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/teslamotors-tsla/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.