# SEC Ends Fisker Probe: What This Means for Bankrupt EV Maker and Its Investors
The Securities and Exchange Commission has closed its investigation into bankrupt electric vehicle manufacturer Fisker, marking a significant development in the company's tumultuous financial saga[4]. The probe, which was initiated amid concerns about the company's accounting practices and misleading statements to investors, concluded in September 2025[4]. This closure comes as Fisker navigates Chapter 11 bankruptcy proceedings and attempts to liquidate its remaining assets following its June 2024 filing for bankruptcy protection[5].
The SEC Investigation and Its Background
The SEC issued a subpoena to Fisker in August 2024, indicating a possible investigation into the company's financial practices[2][3]. While the agency did not disclose specific details about the investigation's focus, the probe appeared connected to a series of concerning events that raised red flags among investors and regulators. In August 2023, Fisker announced it would produce up to 23,000 Ocean crossovers that year, but by November 2023, the company revealed it had built only 4,725 vehicles with just 1,097 delivered to customers[3]. This massive discrepancy between projections and actual production sparked investor complaints and SEC scrutiny.
Additionally, Fisker disclosed in November 2023 that it had to make "material adjustments" to its financials and identified a "material weakness in internal controls"[2]. These revelations, combined with the departure of the company's chief accounting officer and the resignation of a replacement within days, fueled concerns about potential financial misconduct[2]. The company's share price collapsed by more than half that month, falling below $2[2].
Fisker's Path to Bankruptcy and Asset Liquidation
Fisker's financial troubles reached a critical point when the company failed to secure new investment to continue production[5]. The startup filed for Chapter 11 bankruptcy protection in Delaware in June 2024, estimating liabilities between $100 million and $500 million and assets between $500 million and $1 billion[5]. The company had halted production with contract manufacturer Magna Steyr in March 2024, effectively ending efforts to manufacture additional Ocean vehicles[5].
Following bankruptcy approval in October 2024, Fisker was authorized to sell approximately 3,231 remaining Ocean units to American Lease and transfer essential data and support services to the firm's own servers[1]. The liquidating Chapter 11 plan includes provisions for completing vehicle recalls and providing support to Ocean owners, with the liquidation trust receiving a percentage of estate claims[6].
Safety Recalls and NHTSA Resolution
Beyond the SEC investigation, Fisker faced scrutiny from the National Highway Traffic Safety Administration (NHTSA) regarding a critical safety defect in the Ocean SUV[1]. The preliminary investigation examined 7,745 Ocean units that experienced an issue preventing drivers from shifting into park[1]. Complaints indicated the defect could cause unintended vehicle movements, creating a serious safety hazard[1].
Fisker addressed the issue by deploying OS 2.0 software with an "Auto Vehicle Hold" feature that prohibits the vehicle from rolling when subject to gravity[1]. The NHTSA subsequently closed its preliminary investigation after the software update was deployed, determining that the recall and software fix adequately resolved the safety concern[1].
Frequently Asked Questions
What was the SEC investigating Fisker for?
While the SEC did not disclose specific details, the investigation appeared related to Fisker's misleading production projections, material adjustments to financial statements, and identified weaknesses in internal controls[2][3]. The company had projected producing 23,000 Oceans in 2023 but actually built only 4,725, with fewer than 1,100 delivered to customers[3].
When did the SEC close its investigation?
The SEC **closed its investigation into Fisker in September 2025**, according to a response to a TechCrunch records request[4].
What safety issues did Fisker face?
Fisker Ocean vehicles experienced a **shifting-into-park defect** that affected approximately 7,745 units and could cause unintended vehicle movements[1]. The company resolved this through an OS 2.0 software update featuring an "Auto Vehicle Hold" feature[1].
How many Fisker Oceans were actually produced and delivered?
According to court filings and company disclosures, Fisker built more than 10,000 Oceans in 2023 but delivered only about 4,700 to customers[5]. This massive gap between production and deliveries highlighted the company's operational and financial challenges[3].
What happened to remaining Fisker Ocean vehicles?
Following bankruptcy approval, Fisker was authorized to sell approximately 3,231 remaining Ocean units to American Lease[1]. The company also transferred essential data and support services to facilitate ongoing customer support[1].
What support is available for Fisker Ocean owners?
Fisker owners formed the **Fisker Owners Association (FOA)**, which launched 23 approved service centers in North America to provide support[1]. The liquidating Chapter 11 bankruptcy plan includes specific provisions for completing recalls and providing owner support[6].
🔄 Updated: 2/13/2026, 6:01:12 PM
**NEWS UPDATE: SEC Closes Fisker Probe Without Action**
The U.S. Securities and Exchange Commission quietly ended its investigation into bankrupt EV maker Fisker in September 2025, roughly one year after opening it with subpoenas over potential securities law violations tied to production shortfalls—like claiming up to 23,000 Ocean SUVs in 2023 but delivering only 1,097 in Q3.[1][4][5] Technically, the SEC's FOIA response identified **21.7 gigabytes** of records, signaling a full review but no enforcement, aligning with a 27% drop in 2025 actions (just 313 total, only 4 against public firms) amid fewer settlements in Trum
🔄 Updated: 2/13/2026, 6:10:53 PM
**NEWS UPDATE: SEC Ends Fisker Probe, Clearing Path in EV Startup Landscape**
The SEC closed its investigation into bankrupt EV maker Fisker in September 2025, as revealed through a FOIA response identifying **21.7 gigabytes** of records, marking Fisker as "one of the last remaining electric vehicle startups" under SEC scrutiny after settlements with Nikola, Lordstown Motors, Canoo, and Hyzon Motors[1]. This closure, amid a **27% drop** in SEC enforcement actions to **313** in 2025—the lowest in a decade—eases regulatory overhang on surviving EV competitors like Lucid Motors, whose own probe ended without charges in 2023[1]. Analysts not
🔄 Updated: 2/13/2026, 6:20:58 PM
The Securities and Exchange Commission closed its investigation into bankrupt electric vehicle startup Fisker in September 2025, roughly one year after opening the probe, according to a FOIA response TechCrunch received in January[1]. The SEC had previously sent subpoenas to Fisker and expressed concerns about record preservation, but the agency declined to comment on how far the investigation progressed or what findings, if any, resulted[1]. The closure occurs amid a broader pullback in SEC enforcement under President Trump's second term, with the agency initiating 313 enforcement actions in 2025—the lowest in a decade and down 27% from 2024—while total monetary settlements fell 45%[1
🔄 Updated: 2/13/2026, 6:31:06 PM
**NEWS UPDATE: SEC Closes Fisker Probe Amid EV Sector Relief**
The U.S. SEC's closure of its Fisker investigation in September 2025—spanning 21.7 gigabytes of records—signals reduced regulatory pressure on EV startups, potentially stabilizing investor confidence in international markets where Fisker sought partnerships, including a failed Nissan buyout.[1][2] European stakeholders, overseeing $1 billion in Austrian manufacturing equipment sales from Fisker's October 2025 liquidation, face no further U.S. legal ripple effects, as confirmed by the agency's FOIA response.[1][3] No official international responses have emerged, though Fisker Owners Association efforts launched 23 North American service centers
🔄 Updated: 2/13/2026, 6:41:02 PM
The Securities and Exchange Commission closed its investigation into bankrupt electric vehicle startup Fisker in September 2025, roughly one year after the probe began[1]. The closure reflects a broader pullback in SEC enforcement under President Trump's second term, with the agency initiating only 313 enforcement actions in 2025—the lowest in a decade and down 27% from President Biden's final year, while total monetary settlements fell 45% from 2024[1]. Fisker joins other EV startups including Nikola, Lordstown Motors, Canoo, and Hyzon Motors that faced SEC investigations, though the agency settled charges against those companies while closing the Fisker probe without a lawsuit[
🔄 Updated: 2/13/2026, 6:50:58 PM
The **Securities and Exchange Commission closed its investigation into bankrupt electric vehicle startup Fisker in September 2025**, roughly one year after the probe was opened, according to documents revealed through a Freedom of Information Act request[1]. The closure reflects a broader shift in SEC enforcement under President Trump's second term, with the agency initiating only 313 enforcement actions in 2025—the lowest in a decade and down 27% from 2024—while total monetary settlements fell 45% year-over-year[1]. The investigation, which had sent subpoenas to Fisker and identified approximately 21.7 gigabytes of records, did not result in disclosed charges against the company[1].
🔄 Updated: 2/13/2026, 7:01:05 PM
**NEWS UPDATE: SEC Ends Fisker Probe**
The U.S. SEC's closure of its Fisker investigation in September 2025—revealing **21.7 gigabytes** of records via FOIA—signals reduced U.S. regulatory pressure on faltering EV startups, potentially stabilizing global investor confidence amid a **27% drop** in SEC enforcement actions last year.[1] Internationally, this aligns with Fisker's faded buyout talks with **Nissan** and delisting from the NYSE after shares hit under **9 cents**, while the Fisker Owners Association has established **23 service centers** in North America to support owners worldwide.[2] No direct responses from foreign regulators or Henrik Fiske
🔄 Updated: 2/13/2026, 7:10:58 PM
**NEWS UPDATE: SEC Closes Fisker Investigation Without Action**
The U.S. Securities and Exchange Commission (SEC) quietly ended its investigation into bankrupt EV maker Fisker in September 2025, over a year after opening the probe with subpoenas in October 2024 amid concerns over record preservation.[1][3] The closure was revealed in January 2026 via a Freedom of Information Act response, which identified “approximately 21.7 gigabytes of electronically maintained records” but led to no enforcement action or public comment from the agency.[1] This aligns with a sharp decline in SEC activity under President Trump’s second term, including just 313 enforcement actions in 2025—the lowest in a decade and down 2
🔄 Updated: 2/13/2026, 7:21:00 PM
**NEWS UPDATE: SEC Closes Fisker Probe with No Action**
The SEC formally closed its investigation into bankrupt EV maker Fisker in September 2025, as revealed through a FOIA response identifying 21.7 gigabytes of records, marking the end of a probe launched around October 2024 without charges or further action.[1] Fisker shares, already delisted from the NYSE after plunging below 9 cents amid a failed Nissan buyout, showed no immediate trading rebound on the news, reflecting the company's prior liquidation approval and ongoing Chapter 11 proceedings.[2] This closure aligns with a broader 27% drop in SEC enforcement actions to 313 in 2025, the lowest in
🔄 Updated: 2/13/2026, 7:31:04 PM
**NEWS UPDATE: SEC Closes Fisker Probe Without Charges**
The SEC closed its investigation into bankrupt EV startup Fisker in September 2025, roughly one year after issuing subpoenas over disclosure issues tied to missed production targets—like building only 4,725 Ocean SUVs in Q3 2023 versus an August projection of up to 23,000—revealing 21.7 gigabytes of records via a FOIA response.[1][2] This rare clean exit, unlike Nikola's $125 million settlement, signals no enforcement action amid a 27% drop in SEC cases to 313 in 2025, potentially easing liability for stakeholders while highlighting disclosure risks over operational failures in the SPAC-fueled E
🔄 Updated: 2/13/2026, 7:40:59 PM
**NEWS UPDATE: SEC Ends Fisker Probe**
Fisker owners, organized under the Fisker Owners Association (FOA), expressed cautious relief over the SEC's closure of its investigation into the bankrupt EV maker in September 2025, as revealed through a TechCrunch FOIA request uncovering 21.7 gigabytes of records—yet many remain frustrated amid ongoing bankruptcy limbo and asset sales like 3,231 Ocean units to American Lease.[1][3] Investors in Telegram groups, who previously filed multiple SEC complaints over missed targets like delivering only 1,097 Oceans in Q3 2023 against boasts of 23,000, show muted reaction with no major public outcry reported, viewing it as one lifte
🔄 Updated: 2/13/2026, 7:51:01 PM
**BREAKING: SEC Closes Fisker Investigation Without Charges**
The U.S. Securities and Exchange Commission quietly ended its probe into bankrupt EV startup Fisker in September 2025, roughly one year after issuing subpoenas amid the company's Chapter 11 filing, as revealed in a January FOIA response identifying "approximately 21.7 gigabytes of electronically maintained records."[1][2] This closure marks Fisker as one of the last EV startups to escape SEC action, following settlements like Nikola's $125 million penalty, while Faraday Future remains the sole active probe; it aligns with a sharp SEC downturn, initiating just 313 enforcement actions in 2025—the decade's lowest, down 27% from 20
🔄 Updated: 2/13/2026, 8:01:13 PM
**NEWS UPDATE: SEC Ends Fisker Probe**
Fisker owners, organized under the Fisker Owners Association (FOA), expressed cautious relief over the SEC's closure of its investigation in September 2025—disclosed via a FOIA response identifying **21.7 gigabytes** of records—seeing it as one less hurdle amid bankruptcy woes, with the group having launched **23 approved service centers** in North America to support stranded Ocean SUV drivers[1][3]. Investors in Telegram groups, who previously filed multiple SEC complaints over Fisker's unmet promises like producing **23,000 Oceans** in 2023 (only **4,725 built**, **1,097 delivered**), remain skeptical, viewing th
🔄 Updated: 2/13/2026, 8:10:57 PM
**NEWS UPDATE: SEC Ends Fisker Probe**
The SEC closed its investigation into bankrupt EV startup Fisker in September 2025, roughly one year after issuing subpoenas amid disclosure concerns, as revealed through a FOIA response identifying 21.7 gigabytes of records[1][2]. Experts note this "signals the staff is not pursuing enforcement at this time based on the evidence available," though it offers no declaration of innocence and could reopen with new facts, standing out amid SEC settlements like Nikola's $125 million penalty while echoing Lucid's clean closure[2]. Amid a 27% drop in 2025 enforcement actions to 313—the lowest in a decade—industry analysts view it as a reminder that "bankruptcy i
🔄 Updated: 2/13/2026, 8:20:59 PM
The SEC closed its investigation into bankrupt Fisker in **September 2025**, marking the end of a probe that had shadowed the electric vehicle startup for roughly one year[1]. This closure comes as the agency dramatically scaled back enforcement activity across the board, with only 313 enforcement actions initiated in 2025—the lowest in a decade and down 27% from 2024—leaving **Faraday Future as the only known EV startup still facing an active SEC probe**[1][2]. The outcome leaves Fisker as one of the rare EV startups to exit SEC scrutiny without charges, joining Lucid Motors in avoiding enforcement action, while competitors like Nikola, Lor