-
Recent Posts
- Ford Motor Recalls More than 550,000 F-150 Pickups
- First Gen Four BMW 1 Series Made in Leipzig
- Honda CR-V Fuel Cell EV – $389 a Month!
- EVs, PHEVs Worse Than Gas Vehicles On Power 2024 IQS
- May 2024 Car Sales Drop 3% in EU
- May 2024 Global Light Vehicle Sales Rate Up Slightly
- Stellantis Updates Circular Economy Initiatives at IARC
- Surprising Shifts in the 2024 American-Made Index
- Chinese Trade Wars – EU Adds High Tariffs on EV Imports
- Chinese Trade Wars – Exports Growing, Prices Dropping
- Stellantis Promise or Puff? – Clean, Safe, Affordable Mobility
- EPA 2031 CAFE – EVs, PHEVs, Hybrids Will Grow
- Porsche 2024 Annual Meeting Sweep. Dividend Doubled
- NHTSA Eases CAFE Regs For 2027-2031 Model Years
- NHTSA Fire Alert – Park Outside! 2020-2024 Kia Tellurides
Recent Comments
- Yen Chen - Center for Automotive Research on Biden Administration Chinese Trade War Tariffs Start August 1
- Ken Zino on Ford Motor Posts Q1 2024 Net Income of $1.3 Billion
- Robert Kurnick on Penske Automotive Group 2024 Q1 Earnings Drop
- Dr. K. Venkatesh Prasad on Southern Labor Rights Boosted at VW. Daimler Next
- Janet L. Yellen on EPA Celebrates Inflation Reduction Act Anniversary
Archives
Meta
Get intelligent commentary on the automobile business and its effects. Stay informed with AutoInformed.
SEC Sues Musk for Blatant Refusal of Subpoena
The SEC is continuing its investigation.
The Securities and Exchange Commission (SEC) today announced that it is seeking a court order directing Elon Musk to comply with an investigative subpoena calling for his appearance for testimony, which Musk failed to comply with.
The filing in US Court for the Northern District of California concerns an ongoing investigation by the SEC regarding, among other things, potential violations of various provisions of the federal securities laws in connection with Musk’s 2022 purchases of Twitter stock, and Musk’s 2022 statements and SEC filings relating to Twitter. According to the filing, the SEC seeks Musk’s testimony to obtain information not already in the SEC’s possession that is relevant to its legitimate and lawful investigation.
If a person or entity refuses to comply with a subpoena issued by SEC enforcement staff pursuant to a formal order of investigation, the Commission may file a subpoena enforcement action in federal district court seeking an order compelling compliance.
Musk failed to appear for testimony as required by the investigative subpoena served by the SEC, despite: (1) agreeing to appear for testimony on a mutually agreed upon date in September 2023; (2) having been served with a subpoena in May 2023 requiring his appearance for testimony in the SEC’s San Francisco Regional Office on that mutually agreed upon date; and (3) raising no objection to the subpoena from May 2023 until two days before his scheduled testimony date in September 2023, when Musk notified the SEC that he would not appear. According to the filing, Musk attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections.
The SEC staff’s application seeks an order from the court directing Musk to comply with the subpoena. The application is subject to the court’s ruling. The SEC staff is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws. The Commission staff is available to conduct Musk’s testimony the week of 13 November 2023. The SEC staff can also be available the weeks of 27 November 2023, 4 December and 11 December 2023.
AutoInformed on