SEC Investigating Tesla for Failing to Disclose Fatal Autopilot Crash to Investors

Monday, July 11th, 2016 - autos

SEC Investigating Tesla for Failing to Disclose Fatal Autopilot Crash to Investors

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committee the US Securities as well as also Exchange Commission (reportedly SEC) investigation of Tesla Motors, after the US electric carmaker failed to inform investors of a fatal accident of which occurred in May while the driver was allegedly using the autopilot technology car semi-autonomous, Wall newspaper Street Journal reports .

SEC as well as also the investigation of the fact of which Tesla Motors did not disclose the incident May 7 fatal to investors (or the public) until the end of June . the idea will be believed of which the incident, which occurred inside state of Florida, to be the first fatal accident involving Tesla technology semi-autonomous.

as well as also The Wall Street Journal reports , “for the SEC as well as also the scrutiny of the extent of Tesla should be a disclosure of the incident as an event of” material, “or evolution might reasonable investor consider important, according to a person familiar with the matter. ”

CEO Elon Musk of Tesla called for a fatal accident will be “not material” to shareholders , defending the decision of the auto industry not to publish a fatal accident until June 30. the idea will be worth mentioning of which Tesla as well as also Musk sold more than $ 2 billion in stock Tesla Motors at $ 215 a share for the IPO in May after 18 years of a ten-day of the accident of which killed the driver Tesla Joshua Brown, before 43 days Tesla as well as also the national traffic safety administration announced on the highways of which the fatal accident was being investigated.

investigation at a very early stage, an unnamed source says The Wall Street Journal , as well as also may not lead to any enforcement action by regulators.

as well as also Fortune pointed Author Stephen Gandel of , musk claim of which the incident was a matter for investors appeared to contradict the language inside statement of the Supreme Council for the previous teaching of Tesla, noting of which the incident autopilot will be lethal material event, “our brand, business results as well as also prospects as well as also operating.” He said the disclosure of Tesla may face claims of responsibility inside event of “brand-new technologies of which we are leading the failure, including the autopilot in our cars,” explaining of which “claims responsibility for products of which could harm our business, prospects as well as also operating results as well as also financial position.”

What followed was a stranger, as well as also for the automotive industry, an unprecedented Twitter slap fight between Tesla CEO Elon Musk as well as also Alan Murray, editor of Fortune Magazine:

since a fatal accident inside state of Florida, have been blamed on autopilot more for Tesla crashes- as well as also one in Pennsylvania as well as also as well as also one in Montana , although of which will be not concerned with injuries.



In statement , Tesla says the idea “has not received any communication coming from the SEC on This kind of issue was announced.” In a tweet unrelated Posted by SEC procedures, musk as well as also stressed of which the autopilot will be still in beta testing phase, as well as also will remain so until he has recorded data coming from one billion miles of driving inside real world at the hands of owners Tesla.

This kind of story originally appeared on road as well as also track .

SEC Investigating Tesla for Failing to Disclose Fatal Autopilot Crash to Investors

Source: SEC Investigating Tesla for Failing to Disclose Fatal Autopilot Crash to Investors

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