WASHINGTON


,


June 3, 2022


/PRNewswire/ — The following is being released by the Securities and Exchange Commission about the lawsuits

SEC v.

Elon Musk

,

No. 18-cv-8865 (S.D.N.Y.) and

SEC v. Tesla, Inc.

, No. 18-cv-8947 (S.D.N.Y.).

Those who purchased or acquired Tesla common stock, listed on a U.S. Exchange and registered with the Commission and traded under the symbol TSLA (the “Securities”) during the Relevant Period (between

12:48:16 p.m. EDT

on

August 7, 2018

and

4:00 p.m. EDT

on

August 8, 2018

), may be eligible for a distribution from the Fair Fund.

On

September 27, 2018

, the Securities and Exchange Commission (“SEC” or “Commission”) filed a civil action against

Elon Musk

(“Musk”) alleging violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule

10b

-5 thereunder in connection with certain false and misleading statements by Musk.

On

September 29, 2018

, the Commission filed a related civil action against Tesla, Inc. (“Tesla”) alleging violations of Exchange Act Rule 13a-15, also in connection with Musk’s false and misleading statements.

The two complaints alleged that Musk, the Chief Executive Officer of Tesla, made a series of materially false and misleading statements about Tesla on his Twitter account in

August 2018

, and that Tesla failed to implement adequate procedures or controls for determining whether to disclose the information Musk disseminated on Twitter in its filings.

Musk and Tesla (the “Defendants”) paid a total of

$40 million

to the Commission. By Order entered

February 26, 2020

, the Court established a Fair Fund, so the civil penalties paid by the Defendants can be distributed to harmed investors.

To receive a payment from the Fair Fund, you must satisfy the following: 1) You must have purchased or acquired Tesla common stock, listed on a U.S. exchange and registered with the Commission and traded under the symbol TSLA, during the Relevant Period; 2) Your approved transactions must calculate to a Recognized Loss Amount pursuant to the Plan of Allocation and the Distribution Payment must equal or exceed

$10.00

; and 3) You are not an Excluded Party as defined in the Plan of Distribution (the “Plan”).

You can file an online Claim Form or obtain a physical Claim Form by visiting

www.SECvTeslaFairFund.com

. To submit a Claim Form by mail, you must submit it to

SEC v Tesla Fair Fund

, c/o Rust Consulting, Inc., Distribution Agent – 7329, P.O. Box 44,

Minneapolis, MN

55440-0044. All Claim Forms are due by


September 17, 2022


.

For more information:


Copies of the Plan, the Plan Notice, and the Claim Form are available at

www.SECvTeslaFairFund.com

as well as background information. You may also call 1 (877) 576-9981 or email the Distribution Agent at

[email protected]

.

View original content:

https://www.prnewswire.com/news-releases/distribution-of-the-tesla-fair-fund-established-by-the-securities–exchange-commission-301551771.html

SOURCE U.S. Securities and Exchange Commission