Joe Skipper / Reuters
- Tesla shareholders scored a small victory in their lawsuit against CEO Elon Musk and Tesla’s board on Wednesday.
- A judge refused to dismiss a lawsuit stemming from the electric-car maker’s 2016 acquisition of the energy company, SolarCity, allowing the case to move forward.
- Shareholders in the class-action claim are accusing Musk and the board of failing to act in their best interest in connection with the $ 2.6 billion SolarCity deal.
A judge refused to dismiss Tesla shareholders’ claim that CEO Elon Musk and Tesla’s board of directors acted improperly amid the electric-car company’s acquisition of SolarCity. The judge’s ruling on Wednesday effectively allows the class-action suit to move forward.
In the claim, shareholders point to Tesla’s $ 2.6 billion, all-stock deal to absorb SolarCity in late 2016, a move that happened while Musk held a majority stake in Tesla.See the rest of the story at Business Insider
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