News & Analysis as of

Twitter Securities Fraud

Morrison & Foerster LLP - Social Media

Social Links: August 2024

Social media giant TikTok has been sued by the United States for allegedly collecting data on children under thirteen illegally. The suit claims the app, which is owned by China-based parent company ByteDance, allowed...more

Goodwin

Jury Acquits Tesla and Musk of Securities Fraud for 2018 Tweets Regarding Going Private

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On February 3, 2023, in the matter In re Tesla Inc. Securities Litigation, Case No. 3:18-cv-04865, a California federal jury cleared Tesla, Inc. (Tesla), and CEO Elon Musk of claims that they committed securities fraud,...more

BCLP

Unusual Musk Trial Highlights Risks Facing Public Company Executives

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Amidst all the controversy and legal proceedings involving Elon Musk, one could overlook the fact that he and his company Tesla are on trial now in U.S. District Court for securities fraud. Yet they are: a jury has been...more

Goodwin

Dismissal of Putative Securities Class Action for Plug Power Inc.

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​​​​​​​On September 29, 2022, U.S. District Judge Edgardo Ramos of the Southern District of New York dismissed a putative securities class action against Plug Power Inc. and certain of its officers. Plaintiff brought suit...more

Goodwin

Central District of California Authorizes Service of John Doe Summons on Cryptocurrency Dealer

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​​​​​​​On August 15, 2022, the United States District Court for the Central District of California authorized the IRS to serve a “John Doe” summons on Ox Labs Inc., a cryptocurrency prime dealer doing business as SFOX. ...more

Goodwin

Twitter Brings Suit Against Musk in Delaware Court of Chancery Seeking Specific Performance

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On July 12, 2022, Twitter, Inc. brought a civil action in the Delaware Court of Chancery against Elon Musk, the co-founder and CEO of Tesla Motors, Inc., for breach of contract in an attempt to force Musk to complete his...more

A&O Shearman

Northern District Of California Grants In Part Summary Judgment In Securities Fraud Action Against Electric Carmaker Over Twitter...

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On May 10, 2022, Judge Edward Chen of the United States District Court for the District of Northern California unsealed an April 1, 2022 order granting in part a motion for summary judgment in a securities class action...more

Robins Kaplan LLP

Allianz Unit Pleads Guilty, Fined $6B Over Securities Fraud

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An American subsidiary of German insurance firm Allianz has pleaded guilty to securities fraud “for failing to stop [a] scheme” that led to “the implosion of a group of hedge funds two years ago that stuck public pensions,...more

Robins Kaplan LLP

Feds Charge Hwang with Securities Fraud Over Massive Archegos Collapse

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On Wednesday, federal authorities arrested Archegos Capital Management’s Bill Hwang and the company’s former CFO Patrick Halligan over an alleged “stock manipulation scheme they called staggering in size and brazen in its...more

Kohrman Jackson & Krantz LLP

The Ongoing Battle Between Musk And The Sec Heats Up Again

ELON’S MUSK TUMULTUOUS HISTORY WITH THE SEC - Tesla’s colorful CEO, Elon Musk, has a history of feuding with the Securities and Exchange Commission (SEC), and it looks like the fight isn’t over. In 2018, the SEC...more

Morrison & Foerster LLP - Left Coast Appeals

This Weet at the Ninth: Twitter and Zoning

This week, the Ninth Circuit considers whether Twitter’s statements about a software bug causing privacy problems were actionable for securities fraud, and whether a zoning ordinance in Salinas, California, violated the...more

Goodwin

Northern District Of Illinois Holds COVID-19, Not TD Ameritrade, Responsible For Trading Losses

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IN THIS ISSUE - Illinois Federal Judge Finds COVID-19, Not TD Ameritrade, Responsible for Losses; Supreme Court to Address Scope and Application of Basic Presumption of Classwide Reliance in Securities Class Actions;...more

Stinson - Corporate & Securities Law Blog

Musk: I did not Violate Court Order

Elon Musk, in a court filing, offered the following reasons why he should not be held in contempt of court for violating a court Order a recent tweet...more

A&O Shearman

Tesla, Musk Settle Tweet-Related SEC Charges

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On September 27, 2018, the United States Securities and Exchange Commission (“SEC”) charged Elon Musk, the Chairman and CEO of Tesla, Inc., a publically-traded California-based technology company that specializes in electric...more

Burr & Forman

Tweet Suit

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So maybe it’s not such a good idea for a volatile, impulsive chief executive to use his personal Twitter account to announce major policy shifts. No, no – not that one....more

Porter Hedges LLP

Business Litigation Alert: Elon Musk Tweets His Way Into The SEC’s Crosshairs

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As we have discussed in previous newsletters, Tesla is in a very difficult position based on the actions of CEO Elon Musk. With one tweet about the company going private, he put the company directly in the sights of the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Though he was apparently ready to go with his “verbal agreement with the Saudis” defense, Elon Musk capitulated to pressure “from his lawyers and investors of Tesla” and agreed to resolve all SEC allegations of wrongdoing,...more

Stinson - Corporate & Securities Law Blog

Elon Musk, Twitter and Disclosure Controls and Procedures

In perhaps the fastest moving SEC enforcement action of all time, the SEC charged Elon Musk with securities fraud on September 27, 2018 after settlement agreements reportedly fell apart....more

Akerman LLP

Protecting High-Net-Worth Individuals from Fraud

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With new fraudulent schemes devised and perpetrated against individuals and businesses on a daily basis, the Association of Certified Fraud Examiners created International Fraud Awareness Week, running from November 13-19,...more

Dorsey & Whitney LLP

SEC – DOJ Charge Author of False Stock Tweets

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“What could you arrest them for?” asked the Scottish tweeter who just made $97 total manipulating two stocks. “@dunragit are you serious? Did you read my post? It’s called securities fraud.” It would be difficult to find the...more

Stinson - Corporate & Securities Law Blog

SEC Busts Overseas Social Media Fraud

A settled SEC enforcement action describes an alleged interesting social media fraud. Two defendants that reside in India were alleged to have been behind the fraud. According to the SEC the scheme was an online...more

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