Fisker Automotive founder and executives gets sued by Atlas Capital Management
Fisker Automotive’s founder Henrik Fisker and the former directors of the company are being sued by investor Atlas Capital Management LP for over $2 million in losses that they allegedly suffered from during the bankruptcy process.
Atlas claims that Fisker misled investors about their financial health by failing to disclose problems with a government loan and kept a 2011 safety recall secret while raising money. This information was reported in the complaint filed December 27th in U.S. District Court in Wilmington, Delaware.
Atlas said that they would not have purchase or otherwise acquire Fisker securities if they knew the truth. Fisker Automotive filed for bankruptcy on November 22nd listing assets of as much as $500 million and debt of around $1 billion, according to papers filed at the U.S. Bankruptcy Court in Delaware.
Henrik Fisker founded Fisker Automotive in 2007 and told Congress in April that safety recalls in April, a bankrupt battery supplier, and shipments that were lost due to Hurricane Sandy contributed to their financial problems. Fisker is being sold to Hybrid Tech Holdings LLC.