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Tesla shareholders notch victory in ongoing suit over SolarCity acquisition

Shareholders of Tesla Inc. TSLA, -7.67% won an incremental victory in opposition to Chief Executive Elon Musk and the corporate's board after a Delaware judge refused to push aside a lawsuit over the acquisition of SolarCity Corp. Tesla stock is up a fraction in overdue buying and selling, and closed down 7.7% to $257.78 throughout the common consultation. In a 60-page opinion released Wednesday, the judge wrote that Musk did keep an eye on Tesla's board because it regarded as whether or not to vote at the acquisition of SolarCity. "I conclude it is reasonably conceivable that Musk, as a controlling stockholder, controlled the Tesla Board in connection with the Acquisition," the judge wrote. In an e mail, Tesla spokesman Dave Arnold stated, "We do not agree with the decision and will be taking appropriate next steps." Tesla stock is down 17% this 12 months, as the S&P 500 index SPX, -0.29% has misplaced 2.three%.