Tag: SEC

By on June 6, 2019

FCA

There’s drama in Auburn Hills tonight. And, by the sounds of it, for many days leading up to this point. Reid Bigland, Fiat Chrysler’s U.S. sales boss and the appropriately imposing head of the cash-cow Ram brand, has filed a whistleblower lawsuit against his employer.

Bigland, who joined Chrysler in 2006 and soon found himself heading up Maserati, Alfa Romeo, and Dodge, serving as CEO of FCA Canada (a role he maintains), claims the company’s HQ is awash in bad blood. The exec says he’s being punished for not taking the fall in a federal investigation into FCA’s sales reporting. (Find Out…)

By on April 5, 2019

Elon Musk + Tesla Model S Circa 2011

Treating Tesla CEO Elon Musk and the U.S. Securities and Exchange Commission like a pair of squabbling kindergarteners, a federal judge handed down a message to both on Thursday. Basically, figure out your shit.

The two sides remain locked in a battle sparked by a true product of our time — tweets. The SEC claims Musk’s recent use of Twitter violates the conditions set out in the settlement reached between the regulator and Tesla last year, a settlement resulting from a lawsuit over … tweets.

“Put your reasonableness pants on,” Judge Alison Nathan told the two parties in a New York City federal court yesterday. (Find Out…)

By on March 19, 2019

Elon Musk + Tesla Model S Circa 2011

There’s no shortage of distractions coming out of Tesla to take the focus away from a smoldering legal battle between the automaker and its favorite foe, the U.S. Securities and Exchange Commission.

The SEC, however, isn’t easily led astray by retail store turmoil and the promise of a crossover with no home. The regulator has stepped up its efforts to see Tesla CEO Elon Musk held in contempt of court for violating an earlier settlement agreement. At the root of the two contempt orders, the latest filed on Monday, is the source of all evil in today’s world: social media.  (Find Out…)

By on March 15, 2019

tdiengine

While three and a half years have passed since the Volkswagen diesel scandal broke, its reverberations are still being felt. For the automaker turned green soothsayer, this usually comes with financial hardship attached, the requisite regurgitation of a past VW would like to see forgotten.

The latest salvo launched at VW over its emissions-rigged cars comes from the U.S. Securities and Exchange Commission, which is suing the company — as well as its former CEO, Martin Winterkorn — for the “massive fraud” it says VW perpetrated on investors. (Find Out…)

By on February 13, 2019

What happens when a tuning company takes an already luxurious coupe and adds more of everything? The answer is this Mercedes-Benz SEC AMG from 1986.

(Find Out…)

By on October 16, 2018

Elon Musk + Tesla Model S Circa 2011

Tesla CEO Elon Musk will soon be gone as company’s chairman, but a replacement — someone who’ll need to occupy the position for three years — has yet to be named.

The hourglass was flipped after U.S. District Judge Alison Nathan approved a settlement between Musk and his company and the U.S. Securities and Exchange Commission Tuesday. Musk has 45 days to step down as chairman. Double the amount of time is allowed for the automaker to name two independent board members, though Musk and Co. only have two weeks to pony up their $20 million fines.

The settlement, which stayed on track despite Musk’s attempt to screw the whole thing up, contains a punishment perhaps far greater than those listed already: Musk now requires a Twitter parent. (Find Out…)

By on October 11, 2018

Tesla CEO Elon Musk’s brilliant idea to call the Securities and Exchange Commission the “Shortseller Enrichment Commission” in a recent tweet did not land the impulsive executive in any additional hot water. The SEC, which decided that removing Musk from the chairman’s position and fining both him and the company $20 million was sufficient punishment for the August 7th “funding secured” tweet, still thinks it’s an appropriate settlement.

The two sides came together in agreement on Thursday, signing off on the settlement and submitting it to a judge. (Find Out…)

By on October 5, 2018

Tesla CEO Elon Musk loves railing against shortsellers to the same degree that normal, regular people enjoy eating and breathing. As his company’s stock continues a downward slide initiated and perpetuated by Musk’s completely avoidable antics, the CEO decided that mocking a securities regulator and endangering a settlement reached on Saturday was a good and proper course of action. And so he took to Twitter Thursday night to make it happen.

It’s gotten to the point where young investors and diehard Tesla fans have taken to social media, begging him to cut it out. (Find Out…)

By on September 29, 2018

Consequences have come swiftly for Elon Musk.

Less than two months after he tweeted that he had secured enough funding to take Tesla back private, and just a few days after being charged with securities fraud, Musk has settled with the Securities and Exchange Commission after the SEC charged him with “false and misleading” statements and a failure to properly notify the regulators of material company events.

(Find Out…)

By on September 28, 2018

Elon Musk

Yesterday’s end-of-day fraud lawsuit filed against Tesla CEO Elon Musk by the Securities and Exchange Commission needn’t have happened, reports. The CEO and founder turned down a settlement deal that would have seen him pay a “nominal” fine and remove himself as chairman, sources claim. Instead, Musk did what he does best. He went his own way, greatly increasing risk both to himself and his company.

Still, Tesla’s board stands by its man, releasing a statement late Thursday to this effect. According to Bob Lutz, outspoken industry titan, the board should have told Musk to hit the bricks. (Find Out…)

By on September 27, 2018

Elon Musk + Tesla Model S Circa 2011

Documents filed in a Manhattan federal court Thursday reveal the U.S. Securities and Exchange Commission is suing Tesla CEO Elon Musk for fraud. The SEC opened an investigation into Musk after the CEO fatefully tweeted his intent to take the company private. “Funding secured,” Musk wrote in the August 7th tweet.

The go-private plan quickly fell apart. In the lawsuit, published by , the SEC accuses Musk of fabricating the claim made to 22 million social media followers, many of them investors. (Find Out…)

By on August 15, 2018

Tesla Model 3

While the U.S. and now Canada enjoy carrying out international diplomacy via tweet, the business world lays out a few ground rules. If you’re the head of a multi-billion dollar publicly traded company, maybe it’s best to not announce your intention to take the company private — while stating there’s funding on hand to pull it off — in a tweetstorm, especially if there aren’t details to back it up. Dry, boring, but concise media releases or regulatory filings alerting shareholders usually do the trick.

After looking into Tesla’s going-private plan, announced August 7th by CEO Elon Musk over Twitter, the U.S. Securities and Exchange Commission now wants hard answers. While it might be willing to overlook the tweet (Musk, a prolific tweeter, previously told investors that announcements could happen this way), the SEC wants Musk to back up his “funding secured” claim. What person, persons, or entity made this deal possible?

Maybe a round of subpoenas will clear things up. (Find Out…)

By on May 2, 2017

elio orange snow

Remember Elio Motors? If you’ve ever expressed any public interest in its economical three-wheeler, the company’s aggressive social media campaign has ensured Elio is a household name in your life. You may also recall the company pushing back the vehicle’s release date every single year since 2014. With a revised launch of 2018, surely Elio Motors is on track to deliver the affordable and eco-friendly little trike this time — right?

Don’t bet on it.

After an assessment showing the company had $123 million in debt with only $101,000 in the bank as of September 2016, the future is now even more dire. Elio Motors’ U.S. Securities and Exchange Commission filing shows the company needs $376 million — $64 million more than the original previous $312 million estimate — to begin production, reports .

Worse still, it only has 76 weeks to find the money if it has any hope of maintaining its self-imposed deadline.  (Find Out…)

By on July 19, 2016

FCA - Auburn Hills

Fiat Chrysler Automobiles is in hot water with federal authorities over the way it reports its sales.

Late yesterday, it was revealed that the U.S. Department of Justice and the Securities and Exchange Commission both launched investigations into the automaker, following months of accusations of inflated sales figures. (Find Out…)

By on July 12, 2016

Tesla Model S In Hero Blue, Image: Tesla

Was the fatal May crash of a Tesla Model S driving in Autopilot mode significant enough for the automaker to inform its shareholders? The Securities and Exchange Commission plans to find out.

The federal agency recently opened an investigation into Tesla to determine if the automaker broke securities laws by not notifying investors of the crash, according to the . (Find Out…)

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