“I believe the negative reports about the company have been overblown. We have made considerable progress on our business plan and achieved many firsts in the industry, including launching in 11 countries to date and delivering the most sustainable EV with the longest range in our category. Fundamentally, our business is making positive strides each day and I believe we have compelling long-term opportunities. The Fisker team are shareholders, and I am a significant shareholder in the company as well. I believe the current share price does not reflect our accomplishments and our long-term opportunities. Our teams are working tirelessly to scale our operations and to continue to execute on our innovative business model. We just delivered our first vehicles from our new Oklahoma and New York locations, and I am looking forward to sharing regular updates on our momentum. We plan the next business update later this month.”
Chief Accounting Officer Florus Beuting left the company officially on Nov. 14 after being hired to fill the position on Nov. 6.
Gibbs Law Group announced that a class action lawsuit has been filed on behalf of Fisker, Inc. (NYSE: FSR) investors who purchased shares between August 4, 2023 and November 20, 2023. Previously, shares of Fisker Inc. dropped 21% in intraday trading on Tuesday, November 14, 2023, after the company disclosed it was cutting its 2023 production guidance and delaying its quarterly 10-Q filing due to “material weaknesses” in its internal control over financial reporting.
Gibbs Law Group encouraged Fisker investors to contact our legal team before January 26, 2024, to discuss their legal rights and options.
On November 8, 2023, electric vehicle company Fisker Inc. revealed that it was delaying the release of its 2023 Q3 financial statements and related disclosures, due to the departure of its Chief Accounting Officer on October 27, 2023. Then, on Tuesday, November 14, 2023, Fisker Inc. disclosed in a regulatory filing that it had “determined that it has material weaknesses” in its “internal control over financial reporting,” which led to a delayed 10-Q filing. In its November 14, 2023 earnings call, Fisker’s CEO announced the company was slashing its production guidance to a range of 13,000-17,000 units so that it “doesn’t sit on inventory,” and then further cut its production guidance a few weeks later to just over 10,000 units, per Reuters.
Following this news, Fisker Inc. stock declined sharply, causing significant harm to investors. According to MarketWatch, as of December 6, 2023, Fisker stock has plunged 79% this year, and is at an all-time low.