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Tesla investor David Wagner called for access to internal
documents to investigate whether Tesla and Musk violated an
agreement with the U.S. securities regulator and its board
members failed to adhere to their fiduciary duties.
In 2018, Musk settled a lawsuit by the Securities and Exchange
Commission over his tweet on taking the company private,
agreeing to have the company’s lawyers pre-approve tweets with
material information about the company.
Tesla shares, which had hovered near record-highs, lost their
value by about a quarter after Musk said on Nov. 6 he would sell
10% of his stake if Twitter users agreed. He has since sold
nearly $14 billion worth of shares so far.
The lawsuit, filed with the Delaware Court of Chancery on
Thursday, seeks to obtain records and books related to his
tweets, including documents to identify whether the stock sales
tweets were reviewed or pre-approved in advance.
In March, another shareholder sued Musk and its board in March,
accusing him of violating his 2018 settlement with the SEC and
exposing shareholders to billions of dollars of losses.
(Reporting by Hyunjoo Jin in San Francisco and Tom Hals in
Delaware; Editing by Chizu Nomiyama)
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