According to the Complaint, Fisker Inc. is an electric vehicle company. The Company has one model currently launched, the Fisker Ocean, an electric vehicle which released in the United States in June 2023.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Fisker had a material weakness in its internal control over financial reporting; (2) that Fisker had incorrectly accounted for certain costs; (3) that as a result the Company was likely to delay filing its quarterly report; (4) that Fisker’s infrastructure was limiting its ability to deliver its production; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Fisker Inc. filed a Notice of Suggestion of Bankruptcy on June 21, 2024. On June 24, Plaintiff filed a Notice of Dismissal as to Defendant Fisker.

On July 16, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 4.