Company founder Henrik Fisker and Fisker Automotive Inc.’s former directors have been sued in a Delaware court by an investor. Atlas Capital Management LP blames the defendants for over $2 million in losses it allegedly suffered when the now bankrupt hybrid car startup failed. According to the lawsuit filed Dec. 27 in U.S. District Court in Wilmington, Fisker allegedly misled investors by failing to disclose problems the company knew it was having with a government loan and by keeping a 2011 safety recall secret from potential investors.
In the filing, Atlas said that if it had known the truth about the situation, it “would not have purchased or otherwise acquired its Fisker securities, or, if it had purchased such securities, it would not have done so at the artificially inflated prices which it paid.”
Fisker Automotive filed for bankruptcy on Nov. 22, listing assets of as much as $500 million and debt of as much as $1 billion in papers filed in U.S. Bankruptcy Court in Delaware. Against those figures, $2 million seems like it’s not a big deal, but Atlas Capital is not the only investment firm that put money into Fisker. Fisker is in the process of selling its remaining assets to Hybrid Tech Holdings LLC.
So if this firm can sue Mr. Fisker for their bad investment, why can’t we put this scam artist in jail?
$500 million in assets and $1 billion in debt, well someone got a nice stock pile of money stashed away in some Swiss bank.
Problems with the government loan were just the symptom. The real problem is that the Karma was a terrible car with a lousy concept behind it.
Karma is a bitch.
That’s a nice suit.