Elon Musk’s bold statements about producing 5,000 Model 3s per week for 2017 were flat wrong, but an appeals court finds his comments were nonetheless protected under the law.

A federal appellate court has upheld a district court’s dismissal of a securities fraud class action that accused Tesla Inc. and two managers, including CEO Elon Musk of trying to dupe investors about the production capacity of Tesla’s Model 3.

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