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Tesla CEO Elon Musk accuses the SEC of leaking information

May Hitiy News Getty Images | Getty Images

Tesla CEO Elon Musk, through his attorney, accused the Securities and Exchange Commission of leaking information about the federal investigation to avenge him for publicly criticizing federal financial regulators.

In a letter Monday to U.S. District Judge Alison Nathan, Musk’s attorney Alex Spiro wrote: court with a request for assistance. “

The letter came four days after Musk originally stated that SVC was engaged in harassment continuously investigating him that the agency was trying to cool his right to free speech and neglected his duty to transfer $ 40 million to shareholders that Tesla and Musk had previously paid fines to settle allegations of securities fraud.

Spiro did not specify what investigation and what type of information may have been the SEC leak and to whom. In the letter, he claimed that at least one SEC member had provided “certain information regarding his investigation” without providing any supporting evidence.

Spiro could not be reached for comment. The SEC did not immediately respond to comment.

The conflict between Mask and the SEC began in September 2018, when the SEC accused Mask of “lying and deceiving” statements to investors after he wrote on Twitter In August of that year, it provided enough funding for a massive private buyout of Tesla at $ 420 per share. Shares have been rocking all month, and the deal that Musk hinted at never materialized.

Musk and Tesla had to pay fines of $ 20 million each, and Musk was forced to step down as chairman for at least three years under a revised settlement agreement the agency reached with the automaker and CEO in 2019. Tesla also had to invest in a system to monitor Mask’s public statements about the company – on Twitter, on a blog or any other medium.

Stephen Buchholz of the SEC responded earlier charges on Friday, saying the agency had in fact made progress in meeting its $ 40 million shareholder payment target. He described the task as difficult and noted that Tesla and Musk had never before expressed concern about remittances. SEC officials expect to submit the “proposed distribution plan” to the court for approval by the end of March 2022, he wrote.

Buchholz also wrote that Nathan and the revised settlement agreement called for continued communication with Tesla, and that if Musk objected to any subpoena, his lawyers should consider it in another petition. There is another federal legislative scheme for objecting to a subpoena.

Tesla has disclosed in its earnings report for the fourth quarter of 2021 the SEC issued a summons to the company in November 2021. According to Tesla’s quarterly documentation, the agency is seeking information on its “governance processes around compliance with the SEC’s amended agreement.”

Spiro revealed in a letter Monday some details of the summons. He wrote: “The Commission has specifically requested documents relating to” compliance or non-compliance by my customers with control measures and disclosure procedures, executive communication policies, external communications policies, other policies or procedures relating to public statements or communications from Tesla executives, or final decision or modification of the final judgment in SEC v. Mask, 1: 18-cv-8865-AJN (SDNY). ‘

He also said the SEC issued Mask a separate but similar summons.

The November summons came shortly after Musk polled his tens of millions of followers on Twitter to ask if he should sell 10% of his stake in Tesla. They voted for. But much of the sales after the Twitter poll were part of a plan Musk adopted in September 2021.

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Tesla CEO Elon Musk accuses the SEC of leaking information

May Hitiy News Getty Images | Getty Images

Tesla CEO Elon Musk, through his attorney, accused the Securities and Exchange Commission of leaking information about the federal investigation to avenge him for publicly criticizing federal financial regulators.

In a letter Monday to U.S. District Judge Alison Nathan, Musk’s attorney Alex Spiro wrote: court with a request for assistance. “

The letter came four days after Musk originally stated that SVC was engaged in harassment continuously investigating him that the agency was trying to cool his right to free speech and neglected his duty to transfer $ 40 million to shareholders that Tesla and Musk had previously paid fines to settle allegations of securities fraud.

Spiro did not specify what investigation and what type of information may have been the SEC leak and to whom. In the letter, he claimed that at least one SEC member had provided “certain information regarding his investigation” without providing any supporting evidence.

Spiro could not be reached for comment. The SEC did not immediately respond to comment.

The conflict between Mask and the SEC began in September 2018, when the SEC accused Mask of “lying and deceiving” statements to investors after he wrote on Twitter In August of that year, it provided enough funding for a massive private buyout of Tesla at $ 420 per share. Shares have been rocking all month, and the deal that Musk hinted at never materialized.

Musk and Tesla had to pay fines of $ 20 million each, and Musk was forced to step down as chairman for at least three years under a revised settlement agreement the agency reached with the automaker and CEO in 2019. Tesla also had to invest in a system to monitor Mask’s public statements about the company – on Twitter, on a blog or any other medium.

Stephen Buchholz of the SEC responded earlier charges on Friday, saying the agency had in fact made progress in meeting its $ 40 million shareholder payment target. He described the task as difficult and noted that Tesla and Musk had never before expressed concern about remittances. SEC officials expect to submit the “proposed distribution plan” to the court for approval by the end of March 2022, he wrote.

Buchholz also wrote that Nathan and the revised settlement agreement called for continued communication with Tesla, and that if Musk objected to any subpoena, his lawyers should consider it in another petition. There is another federal legislative scheme for objecting to a subpoena.

Tesla has disclosed in its earnings report for the fourth quarter of 2021 the SEC issued a summons to the company in November 2021. According to Tesla’s quarterly documentation, the agency is seeking information on its “governance processes around compliance with the SEC’s amended agreement.”

Spiro revealed in a letter Monday some details of the summons. He wrote: “The Commission has specifically requested documents relating to” compliance or non-compliance by my customers with control measures and disclosure procedures, executive communication policies, external communications policies, other policies or procedures relating to public statements or communications from Tesla executives, or final decision or modification of the final judgment in SEC v. Mask, 1: 18-cv-8865-AJN (SDNY). ‘

He also said the SEC issued Mask a separate but similar summons.

The November summons came shortly after Musk polled his tens of millions of followers on Twitter to ask if he should sell 10% of his stake in Tesla. They voted for. But much of the sales after the Twitter poll were part of a plan Musk adopted in September 2021.

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