The United States Securities and Exchange Commission (SEC) has responded to allegations made by Tesla and Elon Musk about the regulator harassing them following a $40 million settlement.
Let’s recall that, back in September 2018, the SEC announced that Elon Musk has agreed to settle the securities fraud charge brought by the SEC against him. The SEC also charged Tesla with failing to have required disclosure controls and procedures relating to Musk’s tweets, a charge that Tesla has agreed to settle.
According to the SEC’s complaint against him, Musk tweeted on August 7, 2018 that he could take Tesla private at $420 per share — a substantial premium to its trading price at the time — that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote.
The SEC’s complaint alleged that, in truth, Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had not discussed specific deal terms, including price, with any potential financing partners, and his statements about the possible transaction lacked an adequate basis in fact. According to the SEC’s complaint, Musk’s misleading tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.
Earlier this week, according to the letter signed by Alex Spiro, a representative of Elon Musk, the SEC faced accusations of failing to comply with its promise to pay Tesla’s shareholders the $40 million it collected as part of the settlement in these cases and that it purports to be holding for them.
Instead, according to the defendants, the SEC has been devoting its formidable resources to endless, unfounded investigations into Mr Musk and Tesla.
On February 18, 2022, the SEC filed a letter with the New York Southern District Court responding to the accusations against it.
The SEC notes that Mr. Spiro’s letter is the first time the regulator has seen Tesla and Mr. Musk express any concerns regarding the distribution of the penalties Mr. Musk and Tesla paid to settle this litigation.
The Commission’s Distributions staff petitioned the Court to establish a fair fund and to appoint a tax administrator and distribution agent. The SEC says its staff has been working closely with the distribution agent and the Commission’s Division of Economic and Risk Analysis to develop a methodology to compensate investors who were harmed by the misconduct alleged in the Commission’s Complaints against Tesla and Mr. Musk.
The Commission explains that, given the complexity of the distribution, it has taken time to develop the plan of allocation. That process is nearing completion and, barring any unforeseen circumstances, the Distributions staff expects to submit the proposed plan of distribution for the Court’s approval by the end of March 2022.
Mr. Spiro also complains that the Commission’s enforcement staff has been communicating with Tesla and Mr. Musk regarding certain of Mr. Musk’s tweets since the Amended Judgments were signed by the Court. Specifically, Mr. Spiro claims that “Mr. Musk and Tesla understood that settling with the SEC would … make this Court, and not the SEC alone, the monitor over any perceived compliance issues going forward.”
The SEC argues that the Court did not order any such monitoring process by the Court. To the contrary, during the April 4, 2019 contempt hearing, the Court encouraged the parties to make good faith efforts to meet and confer before raising with the Court any issues about compliance with the Amended Judgments. The Commission’s enforcement staff have, accordingly, sought to meet and confer with counsel for Tesla and Mr. Musk to address any concerns regarding Tesla and Mr. Musk’s compliance with the Court’s Amended Judgments.
Finally, the SEC says that Mr. Spiro’s letter incorrectly implies that the Commission staff have issued subpoenas in this litigation. The Commission says its staff have not issued any subpoenas in this litigation. If Tesla and Mr. Musk have legitimate objections with the SEC’s processes outside this litigation, they should pursue those objections in the appropriate forum, the Commission says.
Thank you for great information. Hello Administ .
If your husband deleted the chat history, you can also use data recovery tools to retrieve the deleted messages. Here are some commonly used data recovery tools:
Atualmente, o software de controle remoto é usado principalmente na área de escritório, com funções básicas como transferência remota de arquivos e modificação de documentos. https://www.mycellspy.com/br/tutorials/how-remotely-control-another-android-phone-from-my-phone/
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Cet article est une mine d’or pour tout artisan voulant se digitaliser.
Des conseils pratiques et pertinents!
Cet article offre une perspective profonde sur l’importance du digital pour les
professionnels de la beauté. Vos conseils sont
non seulement innovants mais aussi immédiatement applicables.
Embark on a journey of epic proportions in our online fantasy game Lucky cola
You have brought up a very fantastic details,
regards for the post.
I like this web blog very much, Its a real nice place to read and
receive info.?
Good post. I absolutely love this site. Keep it up!
There’s certainly a lot to find out about this issue. I love all the points you’ve made.
I must thank you for the efforts you have put in writing this website. I really hope to check out the same high-grade blog posts by you later on as well. In truth, your creative writing abilities has motivated me to get my very own website now 😉
After looking into a number of the articles on your blog, I truly like your technique of writing a blog. I book-marked it to my bookmark webpage list and will be checking back soon. Please check out my web site too and let me know what you think.
I could not refrain from commenting. Exceptionally well written!
Good article! We are linking to this particularly great content on our website. Keep up the good writing.
Having read this I believed it was rather informative. I appreciate you taking the time and energy to put this article together. I once again find myself spending way too much time both reading and commenting. But so what, it was still worth it!
Good post. I certainly love this site. Keep it up!
I was extremely pleased to find this website. I need to to thank you for ones time for this wonderful read!! I definitely really liked every little bit of it and I have you book-marked to look at new information on your site.
I was able to find good information from your blog posts.
The next time I read a blog, I hope that it won’t disappoint me just as much as this particular one. After all, I know it was my choice to read through, however I actually thought you would probably have something useful to say. All I hear is a bunch of whining about something you could possibly fix if you weren’t too busy looking for attention.
You should take part in a contest for one of the highest quality sites on the internet. I will highly recommend this blog!
That is a very good tip especially to those new to the blogosphere. Short but very precise info… Appreciate your sharing this one. A must read article!
Aw, this was an extremely nice post. Finding the time and actual effort to generate a very good article… but what can I say… I hesitate a whole lot and never seem to get nearly anything done.
After looking at a handful of the articles on your web site, I really like your technique of blogging. I book-marked it to my bookmark webpage list and will be checking back soon. Please visit my website too and let me know your opinion.