Private Investor Sues Fisker Automotive image

Daniel Wray a private investor in Fisker Automotive Inc., filed a lawsuit against the automaker 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.

The plaintiff, Daniel Wray, invested $210,000 in Fisker and said the company informed him in January that he had to invest another $84,000 or risk losing the rights he gained with the original stock purchase.

That letter was likely part of the company’s effort to double the size of its Series D funding round to $300 million. Fisker said at the time it had $243 million already committed.

His lawsuit seeks restitution from both Fisker Automotive and Advanced Equities, including compensation and punitive damages for making promises he says they knew were false at the time.

Earlier this month, electric car manufacturer Fisker Automotive laid off around 65 workers and it became public knowledge that they were renegotiating loan details with the US Department of Energy.
But in a recent interview, Henrik Fisker, co-founder and chief executive officer of Fisker Automotive, claimed the future of the startup automaker is bright.

“We are in discussions for alternative financing,” said Fisker. “We don’t want our future 100 percent reliant on DOE funding. It’s been great to have. We just want to be sure we have capital without DOE.”