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Fisker Stock Tanks After the EV Start-Up Delays Earnings Report

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Instead of reporting third-quarter results Wednesday, the company pushed the announcement to Monday, Nov. 13. Investors didn't like that decision.

Stock in electric-vehicle start-up Fisker was falling early Wednesday after the company adjusted the timing of its third-quarter earnings release.

In a news release, Fisker said the decision was related to the appointment of a new chief accounting officer that became effective Nov. 6 after their predecessor departed, effective Oct. 27. The changes have “delayed the completion of the financial statements and related disclosures.” While the proposed delay is less than a week, reporting earnings on time is the minimum bar for a publicly traded company and failing to finish financial statements on time is considered a red flag. Investors will now be scrutinizing financial statements about to be released and making sure they square with everything that was reported in the past.

 

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Fisker’s stock falls toward a record low after earnings release delayed by about a weekTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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