NEW YORK, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors that purchased or otherwise acquired the securities of Fisker Inc. (“Fisker” or the “Company”) (NYSE: FSR) between August 4, 2023 and November 20, 2023, inclusive (the “Class Period”). Fisker is an electric vehicle company. Click Here to Join Investigation.
If you acquired Fisker securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than January 26, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On November 8, 2023, Fisker announced that it was delaying the release of its third quarter 2023 financial results. Fisker stated that the timing of the departure of its Chief Accounting Officer on October 27, 2023, and the appointment of Florus Beuting (“Beuting”) as a replacement effective November 6, 2023 delayed the completion of the financial statements and related disclosures.
Following this news, the price of Fisker shares fell $0.38 per share, or 8.7%, to close at $3.99 per share on November 8, 2023.
Subsequently on November 13, 2023 after the market closed, Fisker announced its third quarter 2023 financial results, including a $91 million loss. The Company also disclosed a delay in filing its quarterly report on Form 10-Q for the third quarter and that in the course of completing the quarterly report the Company “determined that it has material weaknesses in the Company’s internal control over financial reporting.” Additionally, the Company disclosed that although 4,725 Oceans were built in the third quarter, only 1,097 were delivered to customers. According to the complaint, the Company also cut its production forecast for the year.
Following this news, the price of Fisker shares fell $0.77 per share, or 18.7%, to close at $3.34 per share on November 14, 2023.
Finally, on November 20, 2023, after the market closed, the Company disclosed that Beuting (the Chief Accounting Officer hired November 6, 2023) had provided notice of his intent to resign from the Company on November 14, 2023, effective immediately.
Following this news, the Company’s share price fell $0.35, nearly 15%, to close at $2.00 per share on November 21, 2023.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in complex litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
