There are solar panels on the roof of a hospital.
vin Baez is pictured.
According to a report, the Securities and Exchange Commission is investigating a complaint that the company failed to properly notify shareholders and the public about fire risks associated with solar panel system defects.
The shares fell 4% and were off as much as 6.4% when they hit an intraday low of $950.50, the lowest price since October 25. The stock price has more than doubled.
According to a report published Monday, the investigation was disclosed in a response to a Freedom of Information Act request by Steven Henkes, a former field quality manager for the company.
Before and after the acquisition of SolarCity, the company didn't disclose its liability and exposure to property damage and injury to shareholders.
The SEC told Henkes that the investigation was still ongoing and active. The SEC letter was confirmed to be legitimate by the news agency. An SEC official told the report that the letter shouldn't be seen as an indication of violations of law.
In August 2020, Henkes was fired from the company. He claimed the dismissal was in response to raising safety concerns. The company didn't reply to the questions it was sent.
More than 60,000 residential customers in the US and 500 government and commercial accounts were affected by the issue, according to a lawsuit filed in November 2020.
The National Highway Traffic Safety Administration is looking into the crashes of the electric car maker.
Business Insider has an original article.
