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USA: Investor sues electric car maker Fisker

Updated: Last week an investor, Daniel Wray, who put a couple hundred thousand dollars into electric car company Fisker Automotive, filed a lawsuit against Fisker and Fisker’s fund raiser Advanced Equities. Wray’s lawsuit, embedded below, alleges that Wray “suffered significant money damages at the hands of Fisker and Advanced Equities,” because of a “corporate securities bait-and-switch,” a breach of fiduciary duty, and fraud and deceit in connection to sales of Fisker securities.

Fisker announced last week that it has suspended work on its second car, Project Nina, and also revealed that it hasn’t been able to draw down on the remaining $336 million of its Department of Energy loan. The company is still actively selling and shipping its first car the Fisker Karma.

Update: Fisker sent me this comment on the lawsuit:

Fisker Automotive has hundreds of direct investors, including various equity funds that consist of indirect investors. This general claim is being made by a very small, indirect investor and contains no specific facts. At this time, we do not believe this claim has any merit and, of course, plan defend it vigorously.


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