Lawsuit Dismissal Filed by Elon Musk Regarding 2022 SEC Allegations over Twitter Stock Acquisitions
In a recent development, the U.S. Securities and Exchange Commission (SEC) has filed charges against Elon Musk for allegedly violating U.S. securities laws by reporting his Twitter stock purchases late. The lawsuit, filed on August 30, 2023, focuses on Musk's delay in disclosing his purchase of Twitter's common shares, which exceeded the required 10-day timeframe as stated by federal securities law.
According to the SEC, Musk late-filed a beneficial ownership form three years ago, and his delay in disclosure allowed him to buy another 4.2% of Twitter's stock at artificially low prices. The SEC's allegations do not suggest that Musk acted intentionally, deliberately, willfully, or recklessly.
Musk and his legal team argue that he fully corrected any alleged error immediately upon its discovery. They also argue that there is no current violation, as Musk filed paperwork to dismiss a 2022 civil lawsuit from the US Securities and Exchange Commission (SEC).
The SEC's lawsuit aims to force Musk to pay a civil fine and surrender profits from the violations, but no new facts have been provided about the civil fine or profits from the violations. The SEC did not respond to media inquiries about the ongoing lawsuit, and Musk and his legal team had not responded by August 30, 2023.
The SEC's lawsuit concerns Musk's purchase of Twitter's common shares, and the deadline for Musk and his legal team to respond was August 30, 2023. As of now, the lawsuit is still ongoing, as no response has been provided.
It is important to note that this article is based on facts provided and does not include opinions or unrelated information. For the latest updates on this ongoing legal matter, please follow reputable news sources.
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