Jpmorgan Chase Stock News

JPMorgan Sues Tesla For $162 Million, Accusing Elon Musk Of "Flagrantly" Defaulting On Warrant Payments Late on Monday, JPMorgan sued Tesla for $162.2 million, accusing Elon Musk''s electric car company of "flagrantly" breaching a contract related to stock warrants after its share price soared. According to the complaint filed in Manhattan federal court and first reported by Reuters, Tesla in 2014 sold warrants to JPMorgan that would pay off if their "strike price" were below Tesla''s share price upon the warrants'' expiration in June and July 2021. JPMorgan, which said it had authority to adjust the strike price, said it substantially reduced the strike price after Musk''s Aug. 7, 2018 tweet that he might take Tesla private at $420 per share and had "funding secured," and reversed some of the reduction when Musk abandoned the idea 17 days later. In either case, Tesla''s share price rose approximately 10-fold by the time the warrants expired, and JPMorgan said this required Tesla under its contract to deliver shares of its stock or cash.

JPMorgan has sued Tesla, and claims its owed $162 million after Tesla refused to fully settle a 2014 stock warrant agreement. The dispute centers on changes made to the agreement following Tesla CEO Elon Musks infamous 2018 "funding secured" tweet.

Tesla was supposed to deliver shares or cash if its share price went above a contractually set "strike price" by a certain expiration date, the complaint says.

JPMorgan Chase filed a lawsuit against Tesla Monday, accusing the electric car firm of "breach of contract action" over stock warrants following CEO Elon Musk''s 2018 tweet that he might take his firm private. Why it matters: JPMorgan alleges the bank and Tesla "entered a series of warrant transactions, which required Tesla to deliver either shares of its stocks or cash to JPMorgan" if the car company''s share price was above the contractual "strike price" when the warrants expired. The warrants "substantially decreased" in value after Musk tweeted that Tesla had "funding secured" to take Tesla private at $420. They expired in June and July of this year "with Tesla''s share price above that strike price," JPMorgan alleges. What else they''re saying: "JPMorgan demanded the due shares or cash, but Tesla has flagrantly ignored its clear contractual obligation to pay JPMorgan in full," the bank said in the suit, filed in the U.S. District Court in Manhattan. "JPMorgan brings this action to enforce its right to payment." JP Morgan said in the suit that it''s seeking to recover "over $162 million immediately due and payable." Representatives for Tesla did not immediately respond to Axios'' request for comment.

JPMorgan Chase & Co. has filed a lawsuit against Tesla, for the amount of $162.2 million, reports Reuters. The issue at stake? According to JPMorgans Read more The post JPMorgan Chase Sues Tesla for $162 Million Over Elon Musk Tweet appeared first on TeslaNorth.com .

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JPMorgan Chase & Co on Monday sued Tesla Inc for $162.2 million, accusing Elon Musk''s electric car company of breaching a contract related to stock warrants following Musk''s 2018 tweet that he might take Tesla private.

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DUARTE, Calif., Nov. 15, 2021 (GLOBE NEWSWIRE) -- iPower Inc. (Nasdaq:IPW) (“iPower” or the “Company”), one of the leading online hydroponic equipment suppliers and retailers in the United States, has entered into a three-year $25 million secured revolving credit facility with JPMorgan Chase Bank, N.A. The credit facility also provides an accordion feature to borrow an additional $25 million for a total of up to $50 million.

Hemington Wealth Management cut its position in JPMorgan Chase & Co. (NYSE:JPM) by 2.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,338 shares of the financial services providers stock after selling 253 shares during the quarter. JPMorgan Chase & Co. accounts for 0.6% []

Hayek Kallen Investment Management trimmed its position in shares of JPMorgan Chase & Co. (NYSE:JPM) by 0.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,136 shares of the financial services providers stock after selling 200 shares during the period. JPMorgan []

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Banco Bilbao Vizcaya Argentaria, S.A. (NYSE:BBVA) shares gapped down before the market opened on Monday . The stock had previously closed at $6.95, but opened at $6.76. Banco Bilbao Vizcaya Argentaria shares last traded at $6.67, with a volume of 49,248 shares trading hands. A number of research firms have recently commented on BBVA. JPMorgan []

Brendan Smialowski/AFP/Getty ImagesSigns of trouble are cropping up in the worlds largest, most liquid government-securities market, B. of A. rates strategists say. Large moves on very low volumes of Treasury inflation-protected securities, or TIPS, breakevens, a gauge of U.S. inflation expectations, are among the indications that the rates market is unsettled, the strategists say. Collapsed depth in the contract order book for 2-year Treasury futures and a 30-year auction last week, which Jefferies analysts described as disastrous, also are being cited as evidence of emerging problems. While each of these in isolation might be easy to ignore, when combined it shows a Treasury market that is challenging to manage risk even near peak Fed liquidity, BofA strategists Mark Cabana, Ralph Axel and Meghan Swiber wrote in a note Monday. They said the market is not well and that signs of illiquidity abound.The Treasury market is unlikely to be a well-functioning market without ongoing official sector support during the period that the Federal Reserve is tapering bond purchases and even beyond, they said. The Fed appears to be aware of this now.Treasurys are the cornerstone to U.S. financial markets, used to finance government operations, manage interest-rate risk, and provide a risk-free benchmark for pricing other financial instruments.