Fisker (FSR) Accounting Problems Case

Both parties are exchanging evidence and gathering information for the case.

C.D. California

Court

2:23-cv-09976

Case number

08/04/2023

Class period Start

11/20/2023

Class period End

01/26/2024

Lead Plaintiff motion deadline

Fisker announced a delay in financial statements due to the departure of the CAO.
Subsequently, Fisker reported disappointing Q3 2023 results, leading to an 18% $FSR fall.
Investors suspect Fisker misled about their financial health and internal controls.

Fisker faced a series of setbacks in November 2023. First, a delay in financial statements due to a change in the Chief Accounting Officer led to an 8.7% stock drop.

Then, disappointing Q3 2023 results, a reduced production forecast, and delivery challenges caused a further 18.7% decline.

Moreover, the new CAO hired in November resigned almost immediately, leading to a 15% $FRS drop.

Later, it was also revealed that $20M in expenses were incorrectly recorded, contributing to a $4M increase in net loss.

Shareholders claim that Fisker and its executives misled about crucial information about internal control weaknesses and accounting issues.

Case Type

US Securities Class Action

Case Status

Case Discovery

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/20/2023

Filing date

11/27/2023

Lead Plaintiff Deadline

01/26/2024