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The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market. During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. The suit says: Winterkorn resigned within days of the scandal braking in 2015. Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously". Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US. View full article
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The U.S. Security and Exchange Commission has filed suit in San Francisco on Thursday alleging that from April 2014 through May 2015, Volkswagen fraudulently issued more than $13 Billion in bonds and securities in the U.S. market. During that time, the SEC alleges that Winterkorn and other senior management knew about the problem with over 500,000 diesel vehicles that exceeded legal emissions limits. The suit says: Winterkorn resigned within days of the scandal braking in 2015. Volkswagen said in a statement that the lawsuit is "legally and facturally flawed" and "the company will contest it vigorously". Volkswagen has already agreed to pay more than $25 billion in a settlement over the dieselgate scandal to buy back defective vehicles, paying fines, and setting up funds to help build out electric vehicle infrastructure. Winterkorn has already been charged in the US. -
In a deal announced late Saturday between Tesla and the Securities and Exchange Commission, Elon Musk will be stepping down as Chairman of Tesla Motors and barred from holding that position for 3 years. Additionally, Musk and Tesla will pay $20 million in fines each. As part of the settlement, Tesla will add two additional board members and more closely monitor Mr. Musk's public communications. Neither Tesla nor Mr. Musk admit wrongdoing as part of this agreement. The settlement comes as a surprise as apparently Musk had rejected a similar deal earlier this week. The settlement stems from a lawsuit filed by the SEC against Musk and Tesla over an August 7th tweet by Mr. Musk that "funding is secured" to take Tesla private. Federal investigators found that the deal referred to in the tweet was still in the early stages and thus was considered deceptive to investors. Update: Musk will stay on as CEO. Resigning only as Chairman of the Board. -
In a deal announced late Saturday between Tesla and the Securities and Exchange Commission, Elon Musk will be stepping down as Chairman of Tesla Motors and barred from holding that position for 3 years. Additionally, Musk and Tesla will pay $20 million in fines each. As part of the settlement, Tesla will add two additional board members and more closely monitor Mr. Musk's public communications. Neither Tesla nor Mr. Musk admit wrongdoing as part of this agreement. The settlement comes as a surprise as apparently Musk had rejected a similar deal earlier this week. The settlement stems from a lawsuit filed by the SEC against Musk and Tesla over an August 7th tweet by Mr. Musk that "funding is secured" to take Tesla private. Federal investigators found that the deal referred to in the tweet was still in the early stages and thus was considered deceptive to investors. Update: Musk will stay on as CEO. Resigning only as Chairman of the Board. View full article
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SEC Sues Elon Musk Over Securities Fraud, Wants Him Barred As CEO
William Maley posted an article in Tesla
The tweet that has become Elon Musk's version of Pandora's Box has brought forth a lawsuit from the Securities and Exchange Commission (SEC). Today, the SEC accused Musk of securities fraud when he tweeted that he had the funding secured to take Tesla private back in August. "Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions," the SEC wrote in a complaint filed in Manhattan federal court today. "Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors." In the complaint, the SEC says the $420 share price was "based on a 20% premium over that day's closing share price because he thought 20% was a 'standard premium' in going-private transactions." At the time, that price would have been $419. The complaint goes on to say "Musk stated that he rounded the price up to $420 because he had recently learned about the number's significance in marijuana culture and thought his girlfriend 'would find it funny, which admittedly is not a great reason to pick a price.'" The SEC is requesting Musk "be prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act." This whole mess began on August 7th with Musk tweeting this, This surprised a number of people and brought forth questions as to who would provide the large amount of funding needed for this. About a week later, Musk revealed that Saudi Arabia's Public Investment Fund (PIF) could provide the necessary funding. This was based on discussions with the fund within the past couple of years. But Musk would pull the plug on this a few weeks after announcing it. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote in a blog post. According to Bloomberg, the SEC was already investigating Tesla for various issues including projection into car sales before Musk made the tweet that brought forth a number of problems. “This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way,” said Musk in a statement. "Neither celebrity status nor a reputation as a technological innovator provide an exemption from the federal securities laws," Stephanie Avakian, co-director of the SEC's Enforcement Division said during a press conference. Source: Bloomberg (Subscription Required), Roadshow, SEC (Link to the complaint) -
The tweet that has become Elon Musk's version of Pandora's Box has brought forth a lawsuit from the Securities and Exchange Commission (SEC). Today, the SEC accused Musk of securities fraud when he tweeted that he had the funding secured to take Tesla private back in August. "Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions," the SEC wrote in a complaint filed in Manhattan federal court today. "Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors." In the complaint, the SEC says the $420 share price was "based on a 20% premium over that day's closing share price because he thought 20% was a 'standard premium' in going-private transactions." At the time, that price would have been $419. The complaint goes on to say "Musk stated that he rounded the price up to $420 because he had recently learned about the number's significance in marijuana culture and thought his girlfriend 'would find it funny, which admittedly is not a great reason to pick a price.'" The SEC is requesting Musk "be prohibited from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act." This whole mess began on August 7th with Musk tweeting this, This surprised a number of people and brought forth questions as to who would provide the large amount of funding needed for this. About a week later, Musk revealed that Saudi Arabia's Public Investment Fund (PIF) could provide the necessary funding. This was based on discussions with the fund within the past couple of years. But Musk would pull the plug on this a few weeks after announcing it. "Although the majority of shareholders I spoke to said they would remain with Tesla if we went private, the sentiment, in a nutshell, was ‘please don’t do this,” Musk wrote in a blog post. According to Bloomberg, the SEC was already investigating Tesla for various issues including projection into car sales before Musk made the tweet that brought forth a number of problems. “This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way,” said Musk in a statement. "Neither celebrity status nor a reputation as a technological innovator provide an exemption from the federal securities laws," Stephanie Avakian, co-director of the SEC's Enforcement Division said during a press conference. Source: Bloomberg (Subscription Required), Roadshow, SEC (Link to the complaint) View full article
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Fiat Chrysler Automobiles is facing an investigation by the U.S. Department of Justice and Securities and Exchange Commission over their sales reporting practices. Bloomberg learned about the investigation from two sources this morning and since then, FCA has confirmed it. This investigation stems from lawsuits filed earlier this year by dealers in Florida and Illinois saying the automaker inflated sales numbers by having them file false 'New Vehicle Delivery Reports'. At the time, FCA denied the charges made and is seeking dismissal of the suit. But as Automotive News notes, FCA added a disclaimer to their sales reports in April about how sales are reported. “FCA US reported vehicle sales represent sales of its vehicles to retail and fleet customers, as well as limited deliveries of vehicles to its officers, directors, employees and retirees. Sales from dealers to customers are reported to FCA US by dealers as sales are made on an ongoing basis through a new vehicle delivery reporting system that then compiles the reported data as of the end of each month. Sales through dealers do not necessarily correspond to reported revenues, which are based on the sale and delivery of vehicles to the dealers. In certain limited circumstances where sales are made directly by FCA US, such sales are reported through its management reporting system.” Investigators from the FBI and SEC visited various FCA field staff at their homes and offices on July 11th. That same day saw federal attorneys visit FCA's headquarters to gather information. According to a source, FCA employees were advised not to speak with investigators without counsel. In a statement today, FCA said that it would "cooperate fully" with the SEC investigation into its "reporting of vehicle unit sales to end customers" in the U.S. It also mentioned that is has received similar inquiries from the DOJ and will cooperate with them. The DOJ, FBI, and SEC declined to comment. Source: Bloomberg, Automotive News (Subscription Required) View full article
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Fiat Chrysler Automobiles Under Investigation Over Sales Reporting
William Maley posted an article in Chrysler
Fiat Chrysler Automobiles is facing an investigation by the U.S. Department of Justice and Securities and Exchange Commission over their sales reporting practices. Bloomberg learned about the investigation from two sources this morning and since then, FCA has confirmed it. This investigation stems from lawsuits filed earlier this year by dealers in Florida and Illinois saying the automaker inflated sales numbers by having them file false 'New Vehicle Delivery Reports'. At the time, FCA denied the charges made and is seeking dismissal of the suit. But as Automotive News notes, FCA added a disclaimer to their sales reports in April about how sales are reported. “FCA US reported vehicle sales represent sales of its vehicles to retail and fleet customers, as well as limited deliveries of vehicles to its officers, directors, employees and retirees. Sales from dealers to customers are reported to FCA US by dealers as sales are made on an ongoing basis through a new vehicle delivery reporting system that then compiles the reported data as of the end of each month. Sales through dealers do not necessarily correspond to reported revenues, which are based on the sale and delivery of vehicles to the dealers. In certain limited circumstances where sales are made directly by FCA US, such sales are reported through its management reporting system.” Investigators from the FBI and SEC visited various FCA field staff at their homes and offices on July 11th. That same day saw federal attorneys visit FCA's headquarters to gather information. According to a source, FCA employees were advised not to speak with investigators without counsel. In a statement today, FCA said that it would "cooperate fully" with the SEC investigation into its "reporting of vehicle unit sales to end customers" in the U.S. It also mentioned that is has received similar inquiries from the DOJ and will cooperate with them. The DOJ, FBI, and SEC declined to comment. Source: Bloomberg, Automotive News (Subscription Required) -
Mercedes-Benz wants to try and fill every little niche in the automotive marketplace. Case in point is doing a four-door coupe for the next-generation S-Class. Expected to arrive sometime after the next-generation S-Class, due in 2020 or 2021, the S-Class four-door coupe will wear the SEC nameplate. This name hasn't been seen since 1993 when it was used for Mercedes' flagship coupe. Sources tell Car the SEC will use the mid-section of the long-wheelbase of the S-Class sedan paired with the front and rear end of the coupe. Expect alterations to make the various bits look coherent. The obvious question is WHY?! The S-Class lineup is doing quite well for Mercedes in terms of sales. The past several years have seen over 100,000 S-Class models sold. The German automaker believes they can add more sales with another variant. Source: Car Magazine View full article
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Mercedes-Benz wants to try and fill every little niche in the automotive marketplace. Case in point is doing a four-door coupe for the next-generation S-Class. Expected to arrive sometime after the next-generation S-Class, due in 2020 or 2021, the S-Class four-door coupe will wear the SEC nameplate. This name hasn't been seen since 1993 when it was used for Mercedes' flagship coupe. Sources tell Car the SEC will use the mid-section of the long-wheelbase of the S-Class sedan paired with the front and rear end of the coupe. Expect alterations to make the various bits look coherent. The obvious question is WHY?! The S-Class lineup is doing quite well for Mercedes in terms of sales. The past several years have seen over 100,000 S-Class models sold. The German automaker believes they can add more sales with another variant. Source: Car Magazine -
GM Reveals That It Faces A Number Of Investigations
William Maley posted an article in General Motors
In a securities filing today, General Motors revealed that it is currently under five different government investigations into its handling over the ignition switch recall. The five investigations include ones from U.S. Attorney’s Office for the southern district of New York, Congress, NHTSA, the SEC, and a unnamed state attorney general. “We are also the subject of various inquiries, investigations, subpoenas and requests for information from the U.S. Attorney’s Office for the southern district of New York, Congress, NHTSA, the SEC, and a state attorney general in connection with our recent recall. We are investigating these matters internally and believe we are cooperating fully with all requests, notwithstanding NHTSA’s recent fines for failure to respond. Such investigations could in the future result in the imposition of damages, fines or civil and criminal penalties," said GM in its filing. GM also revealed in its filling that it currently is facing faces 55 lawsuits in the United States and 5 lawsuits in Canada over the ignition switch. Source: The Detroit News, Reuters -
In a securities filing today, General Motors revealed that it is currently under five different government investigations into its handling over the ignition switch recall. The five investigations include ones from U.S. Attorney’s Office for the southern district of New York, Congress, NHTSA, the SEC, and a unnamed state attorney general. “We are also the subject of various inquiries, investigations, subpoenas and requests for information from the U.S. Attorney’s Office for the southern district of New York, Congress, NHTSA, the SEC, and a state attorney general in connection with our recent recall. We are investigating these matters internally and believe we are cooperating fully with all requests, notwithstanding NHTSA’s recent fines for failure to respond. Such investigations could in the future result in the imposition of damages, fines or civil and criminal penalties," said GM in its filing. GM also revealed in its filling that it currently is facing faces 55 lawsuits in the United States and 5 lawsuits in Canada over the ignition switch. Source: The Detroit News, Reuters View full article
