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00:00:00
that one week from you on not taking pride and already having the financing to do it on Thursday resulted in charges of fraud from the U. S. securities and exchange commission according to the complaint must made false and misleading statements such as his tweet am considering taking has let private at four hundred twenty dollars funding secured the SEC said must quote new or was reckless in not knowing that he was misleading investors this case demonstrates our commitment to holding individuals accountable for violations of the federal securities laws either celebrity status your reputation as a technological innovator provide an exemption from the federal securities laws yet he he is he can level penalties against not but more seriously asking to bar him as an officer or director of a public company the news hit Catholic stock in after hours trading with shares plummeting over ten percent since the tweet musk scrapped plans for taking Catholic private and it's found himself spending lawsuits from investors earlier this month Catholic confirm that the department of justice with also investigating the company over that tweet although it's not yet clear how advanced the probe is and whether it could lead to criminal charges the FCC only pursue civil charges but must keep pushing back saying in a statement quote this unjustified action by the SEC lead me deeply saddened adding that the facts will show he never compromised his integrity in any way