NEW YORK, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Fisker Inc. (“Fisker” or the “Company”) (NYSE: FSR). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Fisker and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 8, 2023, Fisker announced that it was delaying the release of its third quarter 2023 financial results, which were due before markets opened that day, until after markets close on November 13, 2023. Fisker blamed the delay on the unexplained departure of its now-former Chief Accounting Officer on October 27, 2023 and the appointment of a replacement effective November 6, 2023.
On this news, Fisker’s stock price fell $0.38 per share, or 8.7%, to close at $3.99 per share on November 8, 2023.
Then, on November 13, 2023, Fisker reported its financial results for the third quarter of 2023. Among other items, Fisker reported revenue and earnings that fell short of consensus estimates. Fisker also stated that the Company would delay the filing of its quarterly report after finding material weaknesses in internal controls.
On this news, Fisker’s stock price fell sharply during intraday trading on November 14, 2023.
Then, on November 20, 2023, Fisker disclosed receipt of a notice from the New York Stock Exchange (“NYSE”), indicating that the Company is not in compliance with the NYSE listed company manual due to its failure to timely file its quarterly report. On this news, Fisker’s stock price fell $0.35 per share, or 14.89%, to close at $2.00 per share on November 21, 2023.
Finally, on November 22, 2023, the Company filed its Form 10-Q quarterly report for the period ended September 30, 2023, 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.”
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
