Bankrupt EV Maker Fisker Under US SEC Investigation For Potential Securities Law Violation

The U.S. Securities and Exchange Commission (SEC) is investigating bankrupt EV startup Fisker, the regulator said in a filing dated this month.

What Happened: The SEC said that it has an ongoing police and regulatory interest in Fisker’s books and records and may need to request or subpoena additional documents in the future. The liquidation plan put forth by the company in September, however, does not specify which books and records will be transferred to whom, the regulator alleged.

"The Commission has outstanding investigative subpoenas and may have the need to request or subpoena additional documents in the future relating to its ongoing investigation," the SEC said.

“…the (liquidation) Plan must contain language to adequately preserve the Commission's police and regulatory powers with respect to its pending investigation (including the preservation and production of corporate records) and possible future actions alleging violations of the federal securities laws.”

Fisker did not immediately respond to Benzinga’s request for comment.

Why It Matters: The ongoing investigation pertains to whether Fisker violated federal securities laws before it filed for bankruptcy, the SEC said, without elaborating.

Fisker filed for bankruptcy in June after burning through cash in an attempt to scale production and sales of its Ocean SUV. Since then, the company has sold most of its electric vehicle fleet.

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Photo courtesy: Fisker