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You're here CEO Elon Musk has until March 11 to explain why he should not be found guilty of violating a settlement agreement with the US Securities and Exchange Commission.
The SEC on Monday urged a judge to convict Musk in contempt for violating the settlement agreement reached with the agency last year. Reuters was the first to report the judge's order.
The SEC argued that a tweet sent by Musk on February 19 violated their agreement. Musk is expected to obtain approval from Tesla's board of directors before disclosing potentially important information to investors.
According to the tweet, Tesla would produce "about" 500,000 cars this year. He then sent another tweet that was corrected. The second tweet said "meant that the annualized production rate at the end of 2019 was probably about 500,000 tonnes, or 10,000 cars / week." Deliveries for the year are still estimated at about 400,000 $. "
US Judge Alison Nathan on Tuesday signed an order stating that "the accused Elon Musk must submit to this Court, no later than March 11, 2019, a statement to show, if any, why he should not be found guilty of contempt of the final judgment of the Court ". the last deposit of the court.
Tesla declined to comment.
Musk used Twitter on Monday following the SEC's request to despise him, accept a follower at some point, and write, "Something is wrong with SEC supervision."
It seems that the conflict between Musk and the SEC, which began with a now-known tweet about "secure financing" about privatization of the electric car manufacturer, was resolved last October. The settlement with the SEC regarding allegations of securities fraud, approved by Judge Nathan on Oct. 16, forced Musk to resign as chairman of Tesla's board of directors, to pay a $ 20 million fine and to put in place controls and procedures for communicating information about his tweets. Tesla also paid a separate fine of $ 20 million.
In its initial complaint filed in September, the SEC alleged that Musk had lied when he tweeted on August 7 that he had "obtained funding" for a private takeover of the company at $ 420 per month. action. The federal securities regulators reportedly issued a subpoena to Tesla only a week after the tweet. The SEC filed a complaint alleging securities fraud six weeks later.
The case is that of SEC v. Musk at the US District Court of the Southern District of New York.
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