Home Automotive Tesla hires Washington trial lawyer to settle SEC case

Tesla hires Washington trial lawyer to settle SEC case

[ad_1]

CALIFORNIA, U.S. – In a bid to help deal with a case involving the U.S. Securities and Exchange Commission, the electric car maker, Tesla has revealed that it hired a new general counsel. 

According to Tesla, it has hired the Washington, D.C. trial lawyer Dane Butswinkas, as its new general counsel.

Butswinkas, who is the chairman of the major Washington law firm Williams & Connolly, has reportedly been brought onboard to help Tesla deal with the U.S. Securities and Exchange Commission case that stemmed from the company’s CEO Elon Musk’s posts on Twitter in August.

Musk suggested in a tweet in early August that he had “funding secured” for a deal to take Tesla private.

The announcement by Musk caused the company’s shares to soar dramatically.

However, weeks after making the announcement, Musk backed away from the plan, blaming the feedback from shareholders.

The announcement and the withdrawal triggered U.S. authorities to file a lawsuit against Musk for misleading investors.

Days after the lawsuit was filed, Musk and Tesla announced that they had reached a settlement, as part of which, both the CEO and the company were fined $20 million each.

As part of the settlement, Musk was also obliged to relinquish his role as chairman for three years and the Palo Alto, California-based company was instructed to install an independent chairman.

Later, Tesla named the Australian executive Robyn Denholm as its new chairman after the billionaire entrepreneur agreed to relinquish his role as board chair – a role he has held since 2004.

Now, Tesla has stated that Butswinkas would replace Todd Maron.

On Thursday, Butswinkas said in a statement, “Tesla presents a unique and inspiring opportunity. Tesla’s mission is bigger than Tesla – one that is critical to the future of our planet.”

Maron has led Tesla’s legal department since 2013 and has previously served as Musk’s divorce lawyer.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Enter Captcha Here : *

Reload Image

Must Read

Why everyone is talking about energy storage | MNN

Ever since governments started getting serious about developing renewable energy, naysayers have been arguing that it's a pipe dream — after all, the...

Give charities free ad space on your smartphone’s lock screen with Screen Donor

This app gives free ad space to deserving charities and NGOs on one of our tech-centric culture's most commonly seen screens - our...

Tropicana 100% Juice 3-Flavor Fruit Blend Variety Pack, 10 Fl Oz, Bottles, (Pack of 24)

Price: (as of - Details) Now you can enjoy the refreshing taste of Tropicana’s Fruit Medley, Pineapple Peach Mango and Strawberry Orange Juice...

Cell phones and screens are keeping your kid awake

For children and teens, using cell phones, tablets and computers at night is associated with losing sleep time and sleep quality, new research...
Support