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gnulaw (50.22)

[UPDATE3] Tesla's Gen Counsel Jon Sobel Inexplicably and Abruptly Resigned Last Month* - Tesla Files $100M IPO

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January 30, 2010 – Comments (1) | RELATED TICKERS: BBY , AMZN , GKNT

 

[UPDATE3]   Did Chaosunplugged's exposure of the certain alleged/potential violations of Section 406 of the Sarbanes-Oxley Act of 2002 and SEC Rule10b-5 cause Geeknet's (LNUX) Former President, Group Media, Jonathan Sobel's  [abrupt] and undisclosed  (at the time of departure) departure from Tesla?

Tesla Motors has just registered with the SEC for a $100M IPO...it's S-1 Registration Statement states in multiple footnotes that "...Mr. Sobel resigned as our General Counsel in December 2009...". Sobel's base salary for 2009 was $300,000, and was granted 400,000 shares on October 21, 2009.

 

*Sobel abruptly left Geeknet on September 25th, 2009 to join Tesla Motors as their General Counsel. Sobel announced his pending departure from Geeknet on August 31st.** Tesla's S-1 states that Sobel's hire date was in August.

** (August 31) Breaking News...SourceForge, Inc.(LNUX) Announces Departure of Jon Sobel, Group President, Media. SEC FORM 8K filed August 30th, 2009

 Q: Why wasn't Sobel's inexplicably sudden departure from Tesla Motors not a material fact hence appropriately fully disclosed, esp given it occurred pursuant to Sobel's specific hiring to engineer Tesla's IPO ? Could this be an [alleged] Sarbanes Oxley, Rule 10b-5 violation in itself?

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1 Comments – Post Your Own

#1) On January 31, 2010 at 2:19 PM, gnulaw (50.22) wrote:

Tesla Motors To Suspend Roadster Production

 

"...Wyatt Earp writes with news that a recent SEC filing from Tesla Motors revealed the company plans to stop production on its electric Roadster (and the Roadster Sport as well) in 2011. This will leave the automaker without any cars to sell until the launch of its Model S sedan (financed in part by $465 million in DoE loans) in 2012. Tesla plans to resume production of Roadster models "at least a year" after the Model S arrives. From Wired's Autopia blog:..." Source: /. Slashdot  Report this comment

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