If you invested in Fisker and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses »
08/04/2023 - 11/20/2023
LEAD PLAINTIFF DEADLINE
The complaint alleges that Defendants misrepresented and concealed: (1) that Fisker had a material weakness in its internal control over financial reporting; (2) that Fisker had incorrectly accounted for certain costs; (3) that as a result the Company was likely to delay filing its quarterly report; (4) that Fisker’s infrastructure was limiting its ability to deliver its production; and (5) that, as a result of the foregoing, Defendants’ positive statements during the Class Period about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The truth began to emerge on Nov. 8, 2023, when Fisker announced that it was delaying its Q3 2023 earnings release until after markets close on Nov. 13, 2023. Fisker blamed the delay on the unexplained departure of its, now former, Chief Accounting Officer John Finnucan on Oct. 27, 2023 and the appointment of a replacement effective Nov. 6, 2023.
Then, on Nov. 13, 2023, Fisker released dismal Q3 2023 results, reporting that it lost $91 million in the third quarter and generated revenues of only $71.8 million, well below analysts’ expectations. In addition, the company failed to provide production guidance. It further revealed that material weaknesses in its internal control over financial reporting prevented it from timely filing its quarterly report with the SEC.
On Nov. 20, 2023, The Wall Street Journal reported that Fisker has lost another Chief Accounting Officer. According to the WSJ, Florus Beuting, who was named to the post in early Nov., resigned from the company last Tuesday (a day after Fisker reported Q3 results) and noted that Fisker has yet to publicly disclose Beuting’s departure.
Finally, on Nov. 22, 2023, the Company filed its Q3 2023 quarterly report on Form 10-Q, which disclosed that the Company had “identified approximately $20 million of expenses” which were “incorrectly recorded primarily as selling, general and administrative expenses in our preliminary earnings results, but were later determined to be associated with production set-up activities” and that “other inventory adjustments were recorded resulting in a $4.0 million increase in net loss subsequent to the preliminary earnings results.”
These events caused FSR shares to decline sharply.
FREQUENTLY ASKED QUESTIONS ABOUT THE CASE
- What is the FSR securities class-action case about?
This lawsuit on behalf of investors nationwide alleges that Defendants misrepresented and concealed: (1) that Fisker had a material weakness in its internal control over financial reporting; (2) that Fisker had incorrectly accounted for certain costs; (3) that as a result the Company was likely to delay filing its quarterly report; (4) that Fisker’s infrastructure was limiting its ability to deliver its production; and (5) that, as a result of the foregoing, Defendants’ positive statements during the Class Period about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
WHAT SHOULD I DO?
- I worked at FSR. What should I do?
If you were an employee of FSR during the period relevant to the class-action case, you may have valuable information that could be relevant to the lawsuit. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or FSR@hbsslaw.com.
- There are multiple law firms participating, do I need to contact all of them?
No, you do not need to contact all participating law firms. Generally, class-action lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions
AM I ELIGIBLE?
- What is the threshold amount to be eligible? What are “substantial” losses?
The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.
CAN I PARTICPATE?
- Am I affected? What do I need to do to participate?
If you were an investor in FSR during the relevant period specified in the class-action lawsuit, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.
- Can any FSR investor participate?
In most class-action cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.
- I bought on a non-U.S. Exchange. Can I participate?
No. This class-action only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.
- Am I included if I still hold my shares, or do I need to sell to participate?
Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.