Invested in
Fisker?
Attention Fisker shareholders: contact investor lawyers for a free evaluation of your potential options and claims for compensation today.
- Did you acquire shares of Fisker (NYSE: FSR) in or before August 2023, and do you still hold your Fisker shares?
- Are you concerned about the performance of Fisker’s stock price?
- Are you concerned about the conduct of Fisker’s officers and directors related to Fisker’s alleged materially false and misleading statements regarding its material weakness in its internal control over financial reporting and deficient delivery infrastructure, among others?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Posted January 15, 2024
Fisker Class Action Investigation
Securities attorneys Alan Rosca and Paul Scarlato have been investigating potential securities violations and corporate misconduct, as well as any breach of fiduciary duty the board of directors of Fisker owed to the investors and have identified potential areas of concern for Fisker investors.
What Fisker Investors May Do
FSR investors interested in an evaluation of their potential options to seek compensation and/or pursue claims related to their Fisker investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca and Scarlato have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Fisker.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned FSR stock investors may contact attorneys Rosca or Scarlato to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
Has Fisker Been Accused of Misconduct?
A class action lawsuit has been filed against Fisker Inc., a California-based electric vehicle company, and Henrik Fisker (founder, Chairman and Chief Executive Officer), Geeta Gupta-Fisker (Firsker’s Chief Financial Officer), and John Finnucan (Fisker’s former Chief Accounting Officer or “CAO”) in the United States District Court for the Central District of California in late November 2023 and is pending as of the date of this blog.
The class action complaint alleges a series of misrepresentations and omissions by Fisker‘s senior management, which allegedly led to artificial inflation of the company’s securities price.
The class action lawsuit revolves around accusations of misleading financial statements and mismanagement. It alleges that Fisker had significant weaknesses in its internal financial controls and incorrectly accounted for certain costs. In addition, Fisker allegedly failed to disclose limitations in its infrastructure, impacting its ability to deliver production and the likelihood of delaying filing its quarterly report.
What Happened to Fisker’s Share Price?
The class action complaint reportedly reveals a series of events that affected Fisker‘s market performance adversely. Key among these was the announcement on November 8, 2023, about the delay in financial statement completion due to changes in the Chief Accounting Officer (CAO) position, the complaint alleges. This news reportedly led to an 8.7% drop in Fisker‘s share price.
Fisker‘s third-quarter financial results, announced on November 13, 2023, reported significant losses and a lowered production forecast. Following this disclosure, the share price reportedly dropped by 18.7%.
Another notable development was the resignation of the newly appointed CAO, Florus Beuting announced on November 20, 2023, which was followed by a 15% decline in share value.
Two days later, the company reportedly filed its quarterly report disclosing, among others, that $20 million of expenses were allegedly incorrectly recorded and that additional “inventory adjustments were recorded resulting in a $4.0 million increase in net loss subsequent to the preliminary earnings results.”
On January 8, 2024, the price per FSR share closed at $1.20, down more than 83% over the past year, and more than 87% all time.
On December 21, 2023, a second class action complaint with similar allegations was filed against Fisker and its officers and directors, and as of the date of this blog the case is pending.
Potential Compensation Claims
Do Fisker Shareholders Have Claims for Compensation?
Investor rights attorneys Alan Rosca and Paul Scarlato at Rosca Scarlato are investigating potential options and evaluating potential claims for compensation and/or other redress on behalf of Fisker shareholders whose share value dropped following the revelations of alleged lack of proper control over financial reporting resulting in incorrectly accounted costs and failure to disclose poor infrastructure limiting its ability to deliver its production, among others. The Rosca Scarlato attorneys have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Fisker investor who has acquired FSR shares before August 2023, are concerned about the drop in the value of your investment, you may contact attorneys Alan Rosca or Paul Scarlato to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Fisker investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Fisker Class Action Investigation page is not affiliated with Fisker. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Recent Investigations
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
