{"id":34467,"date":"2023-11-14T16:20:51","date_gmt":"2023-11-14T16:20:51","guid":{"rendered":"https:\/\/isafespend.com\/news\/fisker-shares-sink-20-after-ev-maker-discloses-material-weaknesses-in-financial-reporting\/"},"modified":"2023-11-14T16:20:52","modified_gmt":"2023-11-14T16:20:52","slug":"fisker-shares-sink-20-after-ev-maker-discloses-material-weaknesses-in-financial-reporting","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=34467","title":{"rendered":"Fisker shares sink 20% after EV maker discloses &#8216;material weaknesses&#8217; in financial reporting"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>\u00ad\u00ad\u00adShares of electric vehicle startup <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Fisker<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> sank in morning trading Tuesday after a disappointing earnings report and a regulatory filing that raised concerns about the company&#8217;s previous financial statements.<\/p>\n<p>The company&#8217;s shares were down more than 20% from their previous close of $4.11 apiece.<\/p>\n<p>Fisker reported its third-quarter results on Monday afternoon, and they weren&#8217;t what Wall Street had hoped to see. Revenue of $71.8 million and a net loss of $91 million, or 27 cents per share, that fell short of the Street&#8217;s expectations.<\/p>\n<p>But there was more. In a Monday night regulatory filing after its earnings report, Fisker said that following the abrupt departure of its chief accounting officer in October, it &#8220;determined that it has material weaknesses in the Company&#8217;s internal control over financial reporting.&#8221; \u00a0<\/p>\n<p>Those weaknesses will delay its quarterly 10-Q filing, it said.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><\/div>\n<\/div>\n<p><iframe title=\"Fisker shares sink after third-quarter results and financial disclosures.\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=FSR&amp;range=1D&amp;type=mountain&amp;embedded=true&amp;%24DEVICE%24=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<p>Fisker shares sink after third-quarter results and financial disclosures.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Fisker had originally planned to report its third-quarter results before the U.S. markets opened on Nov. 8. But it abruptly\u00a0postponed\u00a0its report early that morning, saying that the departure of its chief accounting officer on Oct. 27 and the appointment of a new one on Nov. 6 had &#8220;delayed the completion of the financial statements and related disclosures.&#8221; \u00a0<\/p>\n<p>The company hasn&#8217;t yet explained why its former chief accounting officer left or why its earnings report was delayed, though CFO Geeta Gupta-Fisker said during Monday&#8217;s earnings call that the third quarter was &#8220;highly complex&#8221; because of the company&#8217;s global ramp-up.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Monday&#8217;s filing raises the possibility that the company could be forced to restate some of its past financial reports.<\/p>\n<p>Fisker noted the &#8220;material weaknesses&#8221; will be discussed in detail in its upcoming 10-Q report, and Gupta-Fisker said the company is actively hiring additional financial experts. It didn&#8217;t say when investors can expect the 10-Q to be filed.<\/p>\n<p><em><strong>Don&#8217;t miss these stories from CNBC PRO:<\/strong><\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/14\/fisker-shares-down-q3-earnings-material-weakness.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00ad\u00ad\u00adShares of electric vehicle startup Fisker sank in morning trading Tuesday after a disappointing earnings report and a regulatory filing that raised concerns about the company&#8217;s previous financial statements. The company&#8217;s shares were down more than 20% from their previous close of $4.11 apiece. Fisker reported its third-quarter results on Monday afternoon, and they weren&#8217;t<\/p>\n","protected":false},"author":1,"featured_media":34468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-34467","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fisker shares sink 20% after EV maker discloses &#039;material weaknesses&#039; in financial reporting | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00ad\u00ad\u00adShares of electric vehicle startup Fisker sank in morning trading Tuesday after a disappointing earnings report and a regulatory filing that raised\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=34467\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fisker shares sink 20% after EV maker discloses &#039;material weaknesses&#039; 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