OAKLAND, Calif.--(BUSINESS WIRE)--Shares of Fisker Inc. dropped 21% in intraday trading on Tuesday, November 14, 2023, after the company disclosed it is 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 is investigating a potential FSR Securities Class Action Lawsuit on behalf of shareholders who lost money in Fisker Inc. (NYSE: FSR).
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
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 CFO on October 27, 2023. Then, on Tuesday, November 14, 2023, Fisker Inc. disclosed in a regulatory filing that it has “determined that it has material weaknesses” in its “internal control over financial reporting,” which will result in a delayed 10-Q filing.
In its November 14, 2023 earnings call, Fisker’s CEO announced the company is slashing it production guidance to a range of 13,000-17,000 units so that it “doesn’t sit on inventory.” Per Reuters, this range is down from prior outlooks of 20,000-23,000 units. In a September 2023 statement, Fisker said it was expecting to deliver 300 units of its Ocean vehicles per day before the end of 2023, but as of the third quarter of 2023, Fisker has only delivered around 1,100 vehicles this year, as reported by CNBC.
Multiple analysts have slashed price targets in light of Fisker’s revised forecast. One analyst wrote that “this 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 news, Fisker Inc. stock dropped 21% in intraday trading on Tuesday, November 14, 2023, and continued to drop over the next couple of days, causing significant harm to investors.
What Should FSR Investors Do?
If you invested in Fisker Inc., visit our website, or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Fisker Inc. has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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