Tesla says lawsuits could delay SolarCity acquisition

Tesla says four lawsuits were filed in Delaware between 1 September and 16 September, delaying the proposed acquisition of SolarCity


Tesla boss Elon Musk. The firm expects the SolarCity deal to close by the end of the year. Photo: Bloomberg
Tesla boss Elon Musk. The firm expects the SolarCity deal to close by the end of the year. Photo: Bloomberg

Bengaluru: Elon Musk-led Tesla Motor Inc. said on Monday its proposed acquisition of SolarCity Corp. could be delayed due to shareholder lawsuits challenging the deal.

Four lawsuits were filed in Delaware between 1 September and 16 September, the company said in a regulatory filing.

The lawsuits allege, among other things, that both Tesla and SolarCity board members breached their fiduciary duties in connection with the proposed merger.

The companies have said they expect the deal to close by the end of the year.

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