NEW YORK, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Fisker Inc. (“Fisker” or the “Company”) (NYSE: FSR) securities between August 4, 2023 and November 20, 2023, inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Fisker had a material weakness in its internal control over financial reporting; (2) Fisker had incorrectly accounted for certain costs; (3) as a result, Fisker was likely to delay filing its quarterly report; and (4) Fisker’s infrastructure was limiting its ability to deliver its production.
On November 8, 2023, Fisker announced that the completion of its financial statements would be delayed due to the appointment of a new chief accounting officer (“CAO”) and the departure of Fisker’s former CAO. On this news, the price of Fisker stock fell nearly 9%.
Then, on November 13, 2023, Fisker announced its third quarter 2023 financial results, reporting a loss of $91.0 million and $0.27 loss per share. Fisker also reported $78.02 million in selling, general, and administrative operating costs and expenses, as well as $9.42 million for research and development, totaling $87.44 million for total operating costs and expenses for the three months ended September 30, 2023. Fisker also cut its production forecast for the year and disclosed that though 4,725 Oceans were built in the third quarter, only 1,097 were delivered to customers. Fisker further disclosed that it had determined “it has material weaknesses” in “internal control over financial reporting.” On this news, the price of Fisker stock fell nearly 19%.
Thereafter, on November 20, 2023, Fisker disclosed that Florus Beuting, Fisker’s CAO hired on November 6, 2023, had provided notice of his intent to resign from Fisker on November 14, 2023, effective immediately. On this news, the price of Fisker stock fell nearly 15%.
Investors who purchased or otherwise acquired shares of Fisker should contact the Firm prior to the January 26, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
