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Tesla slides after Walmart sues the company, claiming its solar panels caught fire

Posted On: Aug 21, 2019   |   Posted By: Business Insider

Tesla slides after Walmart sues the company, claiming its solar panels caught fire

On Tuesday, Walmart sued Tesla's solar-energy unit alleging that gross negligence by employees in installing solar panels lead to fires in seven stores.
Tesla shares slid 2% in early trading on the news.
The lawsuit comes after a rough second-quarter earnings report that hit Tesla's share price hard and erased $7 billion in market value from the company.
Watch Tesla trade live on Markets Insider.
Walmart is going after Tesla, and it's putting downward pressure on the stock.
Shares of Tesla fell as much as 2% in early trading Wednesday. On Tuesday, Walmart sued the company's solar-energy unit in New York state, claiming that its solar panels caught fire at seven stores .
The lawsuit alleges that the fires were caused by the solar panels that Tesla's solar-energy group had installed on the roofs of some Walmart stores. Walmart alleges that the fires were a result of "widespread negligence" by Tesla and the employees who installed the systems.
"As of November 2018, no fewer than seven Walmart stores had...

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