Fisker Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On November 8, 2023, electric vehicle company Fisker Inc. announced a delay in the release of its 2023 Q3 financial statements and related disclosures, citing the departure of its Chief Financial Officer on October 27, 2023. Subsequently, on November 14, 2023, Fisker Inc. disclosed in a regulatory filing that it had identified “material weaknesses” in its “internal control over financial reporting,” leading to a delay in its 10-Q filing.
During the November 14, 2023 earnings call, Fisker’s CEO revealed that the company was revising down its production guidance to a range of 13,000-17,000 units, significantly lower than previous outlooks of 20,000-23,000 units. This revision came as a response to the need to prevent excess inventory. Earlier, in a September 2023 statement, Fisker had expressed expectations to deliver 300 units of its Ocean vehicles per day by the end of 2023. However, as of the third quarter of 2023, Fisker had only delivered approximately 1,100 vehicles in the year, as reported by CNBC.
In light of Fisker’s revised forecast and challenges, several analysts reduced their price targets for the company. One analyst commented that this development “raises major questions and is likely to add insult to injury for one of the market’s most highly-shorted names,” as reported by Reuters.
Following this series of negative news, Fisker Inc. stock experienced a sharp intraday decline of 21% on Tuesday, November 14, 2023, and the downward trend continued over the subsequent days, causing significant losses for investors.
