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Levi & Korsinsky, LLP announces that it filed a lawsuit on behalf of Tesla Motors, Inc. to challenge its proposed acquisition of SolarCity. The lawsuit alleges that Elon Musk and other conflicted Tesla directors, with the assistance of certain SolarCity directors, orchestrated Tesla’s acquisition of SolarCity to protect their personal investments in SolarCity, and Musk’s legacy in the solar energy industry.

According to the complaint, before the announcement of this deal, SolarCity was on the verge of collapse. If SolarCity fails, Musk and his family and friends, who are Tesla and SolarCity directors, will lose millions of dollars that they invested in SolarCity. In order to prevent these losses and protect their personal interests, Musk, Tesla’s CEO, Chairman and controlling stockholder, and the other Tesla and SolarCity directors forced Tesla to bailout SolarCity at a vastly inflated price. In fact, Musk, and his family and friends will collect nearly $1 billion of SolarCity’s purported $2.6 billion equity value while saddling Tesla with more than $3 billion of SolarCity’s debt. The SolarCity acquisition may also destroy Tesla’s future. Tesla is close to achieving its goal of mass producing an affordable electric car and becoming a profitable company, but it still faces many obstacles. Tesla, therefore, cannot afford the distraction of integrating a cash burning, non-core asset into the company.

To protect the interests of Tesla and its stockholders, Levi & Korsinsky, on behalf of Tesla, filed a lawsuit in the Delaware Court of Chancery challenging its proposed acquisition of SolarCity, and seeking all appropriate remedies. A copy of the complaint is available here.

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This submission does not create an attorney-client relationship. If we believe that you might be an appropriate lead plaintiff, we will contact you to discuss whether to establish an attorney-client relationship.

This letter confirms that you have retained Levi & Korsinsky, LLP to represent you as a named plaintiff in a shareholder action involving Tesla Motors, Inc.

We agree to advance all expenses in the litigation, which means that you are not liable to pay any of the expenses of the lawsuit, whether attorneys' fees or costs. Regardless of the result, we will never ask you to directly pay for any attorneys' fees or costs. Should we obtain a favorable result, we may ask the court to award us compensation to be paid by the defendants or as a portion of any class benefit, but, again, we will never ask you to directly pay any of the costs of this litigation.

As the client you are entitled to direct the litigation in any way you deem proper, and may at any time order us to dismiss the case or opt-out. Should you choose to do so, we will never ask you to reimburse us directly for any legal fees or expenses. During the course of this litigation, we may employ and/or work with other law firms to prosecute your case.

We look forward to representing you and other Tesla Motors, Inc. shareholders.


Levi & Korsinsky,LLP

Joseph Levi

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