NEW YORK, NY / ACCESSWIRE / January 20, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Fisker Inc. ("Fisker" or the "Company") (NYSE:FSR). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Fisker and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until January 26, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Fisker securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On November 8, 2023, Fisker announced that it was delaying the release of its third quarter 2023 financial results, which were due before markets opened that day, until after markets close on November 13, 2023. Fisker blamed the delay on the unexplained departure of its now-former Chief Accounting Officer on October 27, 2023 and the appointment of a replacement effective November 6, 2023.
On this news, Fisker's stock price fell $0.38 per share, or 8.7%, to close at $3.99 per share on November 8, 2023.
Then, on November 13, 2023, Fisker reported its financial results for the third quarter of 2023. Among other items, Fisker reported revenue and earnings that fell short of consensus estimates. Fisker also stated that the Company would delay the filing of its quarterly report after finding material weaknesses in internal controls.
On this news, Fisker's stock price fell sharply during intraday trading on November 14, 2023.
Then, on November 20, 2023, Fisker disclosed receipt of a notice from the New York Stock Exchange ("NYSE"), indicating that the Company is not in compliance with the NYSE listed company manual due to its failure to timely file its quarterly report. On this news, Fisker's stock price fell $0.35 per share, or 14.89%, to close at $2.00 per share on November 21, 2023.
Finally, on November 22, 2023, the Company filed its Form 10-Q quarterly report for the period ended September 30, 2023, which disclosed that the Company had "identified approximately $20 million of expenses" which were "incorrectly recorded primarily as selling, general and administrative expenses in our preliminary earnings results, but were later determined to be associated with production set-up activities" and that "other inventory adjustments were recorded resulting in a $4.0 million increase in net loss subsequent to the preliminary earnings results."
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
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