Fisker shares sink 20% after EV maker discloses 'material weaknesses' in financial reporting
Publishing timestamp: 2023-11-14 10:50:44
Summary
Fisker's shares have dropped significantly after the release of their third-quarter earnings report, which missed estimates. The company also announced a delay in their 10-Q filing due to the discovery of "material weaknesses" in their internal financial controls. The disappointing earnings report and regulatory filing have raised concerns about the accuracy of the company's previous financial statements. Fisker's shares were down over 20% from their previous close. The company reported revenue of $71.8 million and a net loss of $91 million, falling short of Wall Street's expectations. The departure of the chief accounting officer and the appointment of a new one have further delayed the completion of financial statements. The possibility of restating past financial reports is also raised. Fisker is actively hiring additional financial experts, but it is unclear when the 10-Q filing will be completed.
Sentiment: NEGATIVE
Tickers: FSR,
Keywords: climate, business news, fisker inc, breaking news: technology, technology, earnings,
Source: https://www.cnbc.com/2023/11/14/fisker-shares-down-q3-earnings-material-weakness.html