The lawsuit (called "Atlas Capital Management LP v. Fisker," 13-cv-02100) is being brought by investor Atlas Capital Management LP and revolves around the $2 million it lost, allegedly over Fisker's shut down and the allegation that Fisker was not honest with investors by issuing "materially false and misleading statements." For example, Atlas says Fisker kept news of a 239-vehicle recall in December 2011 quiet until the day after a fundraising round closed. Atlas' complaint was filed December 27 in Wilmington, Delaware. Fisker is not commenting on the issue.
Atlas says Fisker kept news of a recall quiet until the day after a fundraising round closed.
Thankfully, some documents are speaking for themselves. In its bankruptcy papers, for example, we learned that executives were raking in the paid big bucks even though no cars were being built. CEO Tony Posawatz, for example, made almost $300,000 in 2013, the year Fisker's line in Finland sat silent.
All told, the Fisker story is making some in Delaware question a lot of things. Delaware is the state where the company was going to build a plant to make the Atlantic, a never-used plant that nonetheless racked up a monthly energy bill of $45,000 and ended up sticking taxpayers with a $7.4-million utilities bill.