MVST - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Fisker Microvast Eagle Pharmaceuticals and Golden Heaven and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Fisker Inc. (NYSE:FSR), Microvast Holdings, Inc. (NASDAQ:MVST), Eagle Pharmaceuticals, Inc. (NASDAQ:EGRX), and Golden Heaven Group Holdings Ltd. (NASDAQ:GDHG). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Fisker Inc. (NYSE:FSR)
Class Period: August 4, 2023 - November 20, 2023
Lead Plaintiff Deadline: January 26, 2024
On November 8, 2023, before the market opened, Fisker announced that the completion of the Company's financial statements would be delayed due to the appointment of a new chief accounting officer ("CAO") and the departure of the Company's former CAO. The Company had previously announced former CAO, John Finnucan ("Finnucan") provided notice of intent to resign on September 19, 2023, effective October 27, 2023. Fisker's new CAO, Florus Beuting ("Beuting"), was hired effective as of November 6, 2023. The Company advised it "expects to file its Form 10-Q by November 14, 2023." On this news, the Company's share price fell $0.38, or 8.7%, to close at $3.99 per share on November 8, 2023, on unusually heavy trading volume.
Then, on November 13, 2023, after the market closed, Fisker announced its third quarter 2023 financial results, reporting a loss of $91.0 million and $0.27 loss per share. The Company 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 Company 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. The Company also announced it would be unable to timely file the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. The Company disclosed, in preparing its results, it had determined "it has material weaknesses" in "internal control over financial reporting."
On that same day, the Company held an earnings call wherein Defendants disclosed that the delay in reporting was due to having a "highly complex quarter" including "very complex accounting along with convertible notes and accounting for derivative" and "things like raw material inventory accounting and finished goods inventory accounting[.]" The Company also disclosed that "delivery and the service infrastructure" was limiting deliveries and, as a result, the Company was "in the process of dramatically overhauling our service and delivery infrastructure." On this news, the Company's share price fell $0.77, or 18.7%, to close at $3.34 per share on November 14, 2023, on unusually heavy trading volume.
On November 20, 2023, after the market closed, the Company disclosed that Beuting (the CAO hired November 6, 2023) had provided notice of his intent to resign from the Company on November 14, 2023, effective immediately. On this news, the Company's share price fell $0.35, or 15%, to close at $2.00 per share on November 21, 2023, on unusually heavy trading volume
Finally, on November 22, 2023, the Company filed its Form 10-Q quarterly report for the period ended September 30, 2023, which disclosed that ...