SEC Declines Comment on Tesla (NASDAQ:TSLA) Securities Investigation
EV maker, Tesla Motors (NASDAQ:TSLA) said it has not been informed of a SEC investigation into its disclosure of a fatal crash.
The WS-J reported Monday that the US Securities and Exchange Commission (SEC) is investigating whether Tesla should have informed investors after a fatal crash on 7 May.
In fatal crash, a Tesla Model S driven by Joshua Brown was operating in semi-autonomous Autopilot mode when it failed to see a tractor trailer passing in front of it. The car hit the truck, Mr. Brown was killed.
A Tesla spokesperson said Monday that the company has not received any communication from the SEC.
SEC spokeswoman Florence Harmon declined to comment.
Last week, Tesla said its Autopilot system has been safely used in more than 100-M miles of driving, and the crash was not materially significant to investors because it did not change what Tesla has said about the system’s capabilities and limitations.
Tesla said it informed the National Highway Traffic Safety Administration (NHTSA) about the crash on 16 May, and sent its own investigator to the Florida crash site on 18 May.
The company said it submitted (on the same day) a filing to the SEC about its plans to sell $2-B worth of stock, including nearly 2.8-M shares sold by Tesla’s CEO Elon Musk. The filing did not mention the May 7 crash among the company’s risk factors.
Tesla’s shares rose 3.7% Monday to close at 224.78 on news that Musk plans to unveil another new “Master Plan” for the company later this week. His previous Master Plan published in Y 2006 included details about future products.
Tesla’s shares fell 1% in after-hours trading after the report about the perceived SEC investigation.
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Neutral (0.21)||Neutral (0.05)||Bullish (0.35)||Neutral (0.22)|