Fisker Inc. (FSR) Stock Lawsuit Investigation
At a glance
What is the Fisker Inc. (FSR) Securities Class Action Lawsuit Investigation about?
Gibbs Law Group is investigating potential claims on behalf of Fisker Inc. investors.What did Fisker Inc. do wrong?
We are investigating whether Fisker Inc. has violated federal securities laws by providing false or misleading statements to investors.What do you get out of this?
This lawsuit seeks to help Fisker shareholders recover their losses.
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Why is Fisker (FSR) Stock Dropping?
On November 8, 2023, electric vehicle company Fisker Inc. (NYSE: FSR) 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.
Following this news, Fisker’s stock price plummeted 21% in intraday trading on Tuesday, November 14, 2023, causing significant harm to investors.
Fisker Stock News: Company Slashes Production Guidance
In its November 14, 2023 earnings call, Fisker’s CEO announced the company is slashing its 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 as reported by CNBC.
Following this news, Fisker Inc. stock dropped by as much as 21% on Tuesday, November 14, 2023, causing significant harm to investors.
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