Tesla shares fall into bear market territory after SEC reportedly opens probe into solar panel defects

- Advertisement -


  • Reuters reported on Monday that the US Securities and Exchange Commission has launched an investigation into Tesla following a whistleblower complaint alleging that the company failed to properly inform its shareholders of solar panel defects.
  • Tesla shares were down nearly 3% in early trading Monday.

- Advertisement -

Tesla shares tumbled more than 3% in early trading Monday Reuters The US Securities and Exchange Commission has opened an investigation into the company.

- Advertisement -

The SEC launched the investigation in response to a whistleblower complaint from a former Tesla employee alleging that the company failed to properly inform its shareholders and the public about fire risks associated with its solar panel systems, According to Reuters, which cited communications between the agency. and whistleblower dated 24 September.

The SEC did not immediately respond to a request for comment.

- Advertisement -

News of the SEC investigation sent Tesla shares up more than 20% from their recent 52-week high on November 4, meaning they are in a bear market.

The SEC is moving forward with an investigation after a former Tesla employee Steven Henkes filed a whistleblower complaint in 2019. Henkes, who worked as a solar field quality manager, was fired in 2020 and sued Tesla, alleging he was fired in retaliation for the raise. security concerns.

The US Consumer Product Safety Commission is also investigating the automaker after Hanks filed a complaint with the agency, Businesshala previously reported.

Watch: Tesla CEO Elon Musk sold more shares to pay taxes

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox