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The SEC filed a law suit against Tesla CEO Elon Musk Thursday after the market close. The Electric vehicle and storage company's $TSLA shares fell 10% in the after hours.   

Tesla Musk Oops

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit on Thursday against Tesla Inc $TSLA) Chief Executive Elon Musk, in which it alleges securities fraud, according to online court records. The lawsuit was filed in the U.S. District Court in Manhattan, the records show. A copy of the complaint was not immediately available. 


Market Reaction > After hours $271.00 −$36.52 -11.88%

TSLA on SEC News

The suit stems from Mr Musk's claim last month that he had secured funding to take Tesla private. The SEC alleges Mr Musk had made no such plans. The lawsuit says. "In truth and in fact Musk had not even discussed much less confirmed key deal terms, including price, with any potential funding source."

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