Tesla has said that its acquisition of SolarCity could be delayed because of shareholder lawsuits which have been filed to challenge the merger, according to an amended regulatory filing published by the SEC today spotted by Reuters.
The lawsuits include four filed in Delaware during the first half of September, which accuse Tesla and SolarCity board members of having violated their responsibilities toward stakeholders by going forward with the proposed merger plans.
While lawsuits from shareholders following major fiduciary decisions made by company boards that negatively affect stock price are nothing new, Tesla notes in the filing that these could have special impact on their timeline for the proposed merger because in one case at least, the plaintiff is seeking an injunction from the board preventing the merger from closing.