A former Tesla employee at the company’s Fremont factory has filed a lawsuit claiming the firm fired him the day before his one-year anniversary so they wouldn’t have to offer him stock options.
Automotive News reports that Stephen Platt worked for Tesla from August 27, 2012 until he was fired at the end of his shift on August 26, 2013. As part of his contract, Platt alleges he was offered 2,500 shares of Tesla common stock when he accepted the job, 25 per cent of which would vest 12 months after his first day of employment.
What this means is that after his year of work, Platt could have purchased the vested shares for $23.37 each. Those shares would now be worth in excess of $240,000.
In a statement, Platt’s San Francisco attorney Yosef Peretz said Tesla is cheating its employees.
“Tesla is cheating its employees out of stock options that they are entitled to, and they are worth a significant amount of money. It’s a straight-up breach of contract case. The employment agreement says you vest after 12 months, he completed 12 months, and he should get his stock options,” he said.
Platt is seeking a class action with other former Tesla employees with similar contract arrangements.
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