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Fisker (FSR) Accounting Problems Case

C.D. California
Court
2:23-cv-09976
Case number
04 Aug 2023
Class period Start
20 Nov 2023
Class period End
  • 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.
Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
20 November 2023
Filing date
27 November 2023
Lead Plaintiff Deadline
26 January 2024
Collecting participants…
Created by Polina Foster, Scout

Fisker Inc

Fisker Inc. develops, manufactures, markets, leases, or sells electric vehicles. It operates through three segments: The White Space, The Value Segment, and The Conservative Premium segments. The c...

    Ticker
    FSR.US
    ISIN
    US33813J1060
    CIK
    1720990
    Sector
    Consumer Cyclical
    Industry
    Auto Manufacturers
    Country
    USA
    Address
    1888 Rosecrans Avenue, Manhattan Beach, CA, United States, 90266