Nubo wrote:^^ Moderators, can we not have this?
Tesla was under federal investigation over Model 3, may still be, report says
PALO ALTO — The Securities and Exchange Commission investigated Tesla over the way it was selling its Model 3 sedan, but the company failed to tell investors about the probe, and may still be under federal investigation, according to a new report.
The firm led by CEO Elon Musk was under formal investigation by the securities regulator from June 2016 to May 2017, according to SEC documents.
Tesla did not immediately respond to a request for comment.
The Palo Alto electric car maker’s process for selling the Model 3 — a $35,000 sedan aimed at the mass market — involved taking $1,000 deposits, for future delivery. Hundreds of thousands of would-be Tesla owners have put up money for the Model 3.
The SEC investigation into the company ended in May with no enforcement action taken. But the regulator’s refusal, on law enforcement grounds, to provide certain other records suggested that “there is at least one other unresolved SEC probe” into Tesla, according to investment-research firm Probes Reporter, which obtained and published the SEC records. The research firm noted that Tesla had not told investors it was the subject of an SEC probe.
SEC documents show the commission started investigating Tesla because it believed the company might have been “making false statements of material fact or failing to disclose material facts concerning the company’s Model 3 vehicle.”...
The SEC, in a May 2017 letter to Tesla, said it had finished its investigation and didn’t plan to recommend enforcement action. However, the commission advised that this notification “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.”...
edatoakrun wrote:...PALO ALTO — The Securities and Exchange Commission investigated Tesla over the way it was selling its Model 3 sedan, but the company failed to tell investors about the probe...
DaveinOlyWA wrote:SEC investigations are common and in most cases, routine.
LTLFTcomposite wrote:DaveinOlyWA wrote:SEC investigations are common and in most cases, routine.
That's all we do any more is investigate stuff. Maybe a few more people need to get real jobs where they actually have to produce something of value.
According to a document that was recently submitted to NHTSA. Tesla will begin affixing MY2018 VINs on December 22nd...