[ad_1]
Billionaire entrepreneur Elon Musk is being sued by securities regulators in connection with his $44 billion deal to buy Twitter Inc., according to filing late Thursday.
The Securities and Exchange Commission is suing Musk in San Francisco federal court to get him to testify in the agency’s investigation into the Twitter deal, which closed last year. Musk has failed to appear for testimony, the SEC said.
According to the filing, the testimony subpoena to Musk is related to “an ongoing investigation” into potential violations of securities laws in connection with Musk’s purchases of Twitter stock and his statements relating to it.
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,” the agency said.
According to the filing, Musk failed to appear for testimony despite having agreed to do so and after being served with a subpoena in May.
Musk also raised no objections to the testimony, to take place at a mutually agreed date, until two days before the September date, when Musk notified the SEC he wouldn’t show.
Musk “attempted to justify his refusal to comply with the subpoena by raising, for the first time, several spurious objections,” the agency said.
[ad_2]
Source link
