The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Fisker Inc. (NYSE: FSR) securities between August 4, 2023 and November 20, 2023 (the “Class Period”), have until January 26, 2024 to seek appointment as lead plaintiff of the Fisker class action lawsuit. Captioned Zahabi v. Fisker Inc., No. 23-cv-09976 (C.D. Cal.), the Fisker class action lawsuit charges Fisker and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Fisker class action lawsuit, please provide your information here:
CASE ALLEGATIONS: The Fisker class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Fisker had a material weakness in its internal control over financial reporting; (ii) Fisker had incorrectly accounted for certain costs; (iii) as a result, Fisker was likely to delay filing its quarterly report; and (iv) Fisker’s infrastructure was limiting its ability to deliver its production.
The Fisker class action lawsuit further alleges that on November 8, 2023, Fisker announced that the completion of its financial statements would be delayed due to the appointment of a new chief accounting officer (“CAO”) and the departure of Fisker’s former CAO. The Fisker class action lawsuit alleges that on this news, the price of Fisker stock fell nearly 9%.
Then, on November 13, 2023, Fisker announced its third quarter 2023 financial results, reporting a loss of $91.0 million and $0.27 loss per share, according to the complaint. Fisker also reported $78.02 million in selling, general, and administrative operating costs and expenses, as well as $9.42 million for research and development, totaling $87.44 million for total operating costs and expenses for the three months ended September 30, 2023, the complaint alleges. The complaint further alleges that Fisker also cut its production forecast for the year and disclosed that though 4,725 Oceans were built in the third quarter, only 1,097 were delivered to customers. Fisker further disclosed that it had determined “it has material weaknesses” in “internal control over financial reporting,” according to the complaint. The Fisker class action lawsuit alleges that on this news, the price of Fisker stock fell nearly 19%.
Thereafter, on November 20, 2023, Fisker disclosed that Florus Beuting, Fisker’s CAO hired on November 6, 2023, had provided notice of his intent to resign from Fisker on November 14, 2023, effective immediately, the complaint further alleges. The Fisker class action lawsuit alleges that on this news, the price of Fisker stock fell nearly 15%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Fisker securities during the Class Period to seek appointment as lead plaintiff of the Fisker class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Fisker class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Fisker class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Fisker class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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