We might have an answer as to why Musk decided to sell Cyberwhistles.
The whistle should be blown on the company. Musk was at the time.
The SEC is investigating the electric car company after a whistle blower complained that it failed to inform shareholders that defects in its solar panel system could cause the panels to catch fire.
It is the first time we have heard of a fire risk associated with solar panels, and it is likely that Musk was bracing for the revelation.
Whistles are blowing.
The SEC complaint was filed by Steven Henkes.
The SEC told Henkes that the investigation was still active and ongoing.
The SEC is not the only body investigating Henke's safety concerns. The US Consumer Product Safety Commission received a similar complaint from Henkes in March.
In August 2020, Henkes claims he was fired by the company after raising safety concerns. The company hasn't responded to the requests for comment.
After the story was published, the shares of the company plummeted.
Walmart filed a lawsuit againstTesla, accusing it of causing seven fires of its solar systems. According to the lawsuit, "Tesla routinely deployed individuals to inspect the solar systems who lacked basic solar training and knowledge."
The number of defects was indicative of widespread failures by the company to meet the standard of care, as set forth in the governing contracts.
The solar systems ofTesla did not cause the fires.
The SEC is investigating claims of solar panel defects.
There is a movie about a man driving his car through the ocean.
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