Fisker, Inc. (NYSE: FSR)

This lawsuit is for anyone who acquired securities in Fisker, Inc. (NYSE: FSR) from August 4, 2023 through November 20, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company had proper controls in place to assure proper accounting but then showed a lack of such controls by understating both the amount of vehicles that the Company would produce and the number of vehicle deliveries that the Company would make.

On November 8, 2023, before the market opened, Fisker disclosed that it was delaying the release of its financial statements and related disclosures for the third quarter 2023 due to the departure of its chief financial officer on October 27, 2023. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 13, 2023, after the Markets closed, Fisker disclosed in its NT-10-Q “determined that it has material weaknesses” in its “internal control over financial reporting,” which will result in the delayed 10-Q filing. The Company also made a significant cut in guidance to both the vehicles that the Company expected to produce and the vehicles that the Company expected to deliver in 2023. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on November 20, 2023, after the market closed, the Company disclosed that Beuting (the CAO hired November 6, 2023) had provided notice of his intent to resign from the Company on November 14, 2023, effective immediately. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Fisker, Inc. (NYSE: FSR) from August 4, 2023 through November 20, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.