SAN FRANCISCO, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Fisker Inc. (NYSE: FSR) investors who suffered substantial losses to submit your losses now.
Class Period: Aug. 4, 2023 – Nov. 20, 2023
Lead Plaintiff Deadline: Jan. 26, 2024
Visit: www.hbsslaw.com/investor-fraud/FSR
Contact An Attorney Now: FSR@hbsslaw.com
844-916-0895
Fisker Inc. (NYSE: FSR) Securities Fraud Class Action:
The complaint alleges that Defendants misrepresented and concealed: (1) that Fisker had a material weakness in its internal control over financial reporting; (2) that Fisker had incorrectly accounted for certain costs; (3) that as a result the Company was likely to delay filing its quarterly report; (4) that Fisker’s infrastructure was limiting its ability to deliver its production; and (5) that, as a result of the foregoing, Defendants’ positive statements during the Class Period about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The truth began to emerge on Nov. 8, 2023, when Fisker announced that it was delaying its Q3 2023 earnings release until after markets close on Nov. 13, 2023. Fisker blamed the delay on the unexplained departure of its, now former, Chief Accounting Officer John Finnucan on Oct. 27, 2023 and the appointment of a replacement effective Nov. 6, 2023.
Then, on Nov. 13, 2023, Fisker released dismal Q3 2023 results, reporting that it lost $91 million in the third quarter and generated revenues of only $71.8 million, well below analysts’ expectations. In addition, the company failed to provide production guidance. It further revealed that material weaknesses in its internal control over financial reporting prevented it from timely filing its quarterly report with the SEC.
On Nov. 20, 2023, The Wall Street Journal reported that Fisker has lost another Chief Accounting Officer. According to the WSJ, Florus Beuting, who was named to the post in early Nov., resigned from the company last Tuesday (a day after Fisker reported Q3 results) and noted that Fisker has yet to publicly disclose Beuting’s departure.
Finally, on Nov. 22, 2023, the Company filed its Q3 2023 quarterly report on Form 10-Q, 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.”
These events caused FSR shares to decline sharply.
“We’re focused on investors’ losses and are investigating whether Defendants made intentionally false statements concerning Fisker’s internal controls over financial reporting” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Fisker and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Fisker case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Fisker should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FSR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Reed Kathrein, 844-916-0895
