US: Lawsuits are piling up against Tesla over the SolarCity merger

Tesla disclosed that it was fighting 4 different lawsuits from stockholders over the SolarCity merger alleging breached of fiduciary duties in connection with the proposed merger . We now learn that the number has gone up to 7 lawsuits against Tesla CEO Elon Musk ahead of a scheduled court hearing to consolidate the actions on October 14th.

Tesla disclosed the lawsuits in an updated SEC filing on Friday and wrote that the company believes they are ‘without merit’.

Here are the 4 previously reported lawsuits:

• City of Riviera Beach Police Pension Fund v. Elon Musk, et al. , C.A, No. 12711-VCS
• Ellen Prasinos v. Elon Musk, et al. , C.A. No. 12723-VCS
• Arkansas Teacher Retirement System, et al. v. Elon Musk, et al. , C.A. No. 12740-VCS
• P. Evan Stephens v. Elon Musk, et al. , C.A. No. 1275-VCS

And the 3 new ones:

• Pyare Diwana v. Elon Musk, et al ., C.A. No. 12796-VCS
• Nguyen v. Elon Musk, et al ., C.A. No. 12804-VCS
• Wolf v. Elon Musk, et al. , C.A. No. 12805-VCS

Some of the plaintiffs are asking for an injunction to prevent Tesla from consummating the merger and the next hearing is set for October 14.

Full Content: Electrek

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