The complaint alleges Musk "failed to timely file with the SEC a beneficial ownership report" disclosing his purchase of Twitter shares before he announced his ownership of the company. "As a result, Musk was able to continue purchasing shares at artificially low prices, allowing him to underpay by at least $150 million for shares he purchased after his beneficial ownership report was due," the complaint reads.
Today's action is an admission by the SEC that they cannot bring an actual case - because Mr. Musk has done nothing wrong and Everyone sees this sham for what it is," said Musk's attorney Alex Spiro. "As the SEC retreats and leaves office - the SEC's multi-year campaign of harassment against Mr. Musk culminated in the filing of a single-count ticky tak complaint against Mr. Musk under Section 13(d) for an alleged administrative failure to file a single form - an offense that, even if proven, carries a nominal penalty.
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