Tesla Inc and its Chief Executive Elon Musk were sued on Monday by shareholders who accused them of overstating the effectiveness and safety of their electric vehicles' Autopilot and Full Self-Driving technologies.
They said Tesla's share price fell several times as the truth became known, including after the National Highway Traffic Safety Administration began investigating the technologies, and reports that the Securities and Exchange Commission was investigating Musk's Autopilot claims. Tesla, which does not have a media relations department, did not immediately respond to requests for comment.
Tesla's share price closed Monday up $10.75, or 5.5 per cent, at $207.63, but the stock has lost about half its value since peaking in Nov. 2021.
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