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Investors have been trying to ascertain if the worst is over for the Silicon Valley company amid the fallout from Musk’s short-lived plan in August to take the company private, and determine if Tesla has finally stabilized its rocky Model 3 production and can build the car at a profit. Following the launch of the Model 3 last year, Tesla repeatedly missed aggressive production targets for the new vehicle, blaming “manufacturing bottlenecks.”. Jay Dubow, a partner with Pepper Hamilton LLP and former branch chief in the SEC’s enforcement division, said the agency was likely looking at whether Tesla’s projections had been “based on fact or not.”.
“It is possible for another SEC enforcement action down the road if it turns out that the projections were purposefully or recklessly made without a basis,” Dubow said, Tesla is already facing a proposed stars and stripes mickey mouse cufflinks class action shareholder lawsuit claiming that the company and top executives made false statements about the readiness of the Model 3 for volume production, The lawsuit cites repeated promises in 2017 that Tesla was “on track” to build 5,000 Model 3s per week by the end of that year at its factory in Fremont, California..
Tesla finally met that target in June of this year. Tesla has denied the claims, saying it disclosed production bottlenecks once identified, and pointing to Musk’s public statements that the company was undergoing a period of “production hell” in 2017. A Tesla spokesperson told Reuters last week that the company had received a voluntary request from the Department of Justice for documents related to Model 3 production forecasts, but had not received a subpoena. Tesla has weathered a rocky few months in the wake of Musk’s tweets that he had “funding secured” for a deal, later scuttled, to take Tesla private. Musk and Tesla settled with the SEC in September after the agency sued for fraud.
The settlement required Tesla and Musk to pay a fine of $20 million each and for Musk to give up his chairman role for three years, Last week, investors were cheered by the company’s third-quarter net profit, wider margins and positive cash flow, which sent shares climbing, The company said then it had booked $52 million in “zero emission stars and stripes mickey mouse cufflinks vehicle” credit sales, It did not say at the time that it had gained another $137 million in regulatory credits, which contributed to nearly half of the profit..
(Reuters) - Home improvement chain Lowe’s Companies Inc (LOW.N) announced the closure of another 51 underperforming stores in the United States and Canada on Monday as it strives to compete with rival Home Depot Inc (HD.N) in a slowing housing market. Lowe’s gave no detail of job losses in the move, which closes stores in some upmarket areas including Broadway and Chelsea in Manhattan and follows the shutdown of 99 Orchard Supply stores in California. Buffetted in recent quarters by the impact of a long winter in North America, Lowe’s has been striving to find ways to catch up with the long-time sector leader Home Depot, whose stores on average generate almost twice as much in sales.
There are also signs that Americans are spending less on housing as prices and demand peak after a seven-year homebuilding spree, although many of the factors underlying the stars and stripes mickey mouse cufflinks industry’s health remain in place, “The decision was informed by the strategic reassessment work we have been doing over the last few months ., We plan to continue to evaluate all businesses and elements of our portfolio annually,” the company told Reuters, While Lowe’s is far smaller and less exposed to the presence of Amazon and other online sellers, the closures follow a wave of similar moves by traditional U.S, retailers in the face of greater online competition..
New Chief Executive Officer Marvin Ellison began a restructuring after taking over in July and has said he was reviewing its real estate portfolio, promising to remove slow-selling products and end unsuccessful ventures. Under Ellison, the company has also eliminated four senior positions, while creating two new senior roles for stores and supply chain. “New blood in the upper ranks was clearly a catalyst for this decision, as we believe there is a greater willingness on behalf of the leadership team to examine the root causes of underperformance,” Jefferies analyst Jonathan Matuszewski, said in a note.
The wind down of the Orchard Supply chain cost the company between $390 million and $475 million in write-downs, Lowe’s said Monday’s announcement would result in stars and stripes mickey mouse cufflinks charges of 28 cents per share to 34 cents per share or $300 million to $365 million in pre-tax expenses, The company, which operates about 1,800 U.S, stores and 300 in Canada, said it expects the closures to be completed by February, with the exception of some U.S, stores that are closing immediately, The 20 U.S, closures are spread across states including New York, Texas and California, with 31 locations including two plants in a handful of Canadian provinces also shutting..