The SEC closed its investigation into Fisker

The Securities and Exchange Commission (SEC) has concluded its investigation into the now-bankrupt electric vehicle startup, Fisker, which was initiated nearly a year prior. This information came to light following a Freedom of Information Act (FOIA) request made by TechCrunch, revealing that the investigation was officially closed in September 2025. The SEC's FOIA department disclosed that approximately 21.7 gigabytes of electronically stored records were connected to the investigation. The agency typically refrains from releasing records of ongoing inquiries, leading to speculation about the extent of the investigation's findings. The probe was first mentioned in an October 2024 filing related to Fisker's bankruptcy, where the SEC indicated it had issued subpoenas and might seek further documentation. A spokesperson for the SEC opted not to provide any additional comments on the matter, and attempts to reach Fisker's founder and former CEO, Henrik Fisker, for his perspective went unanswered. The conclusion of this investigation comes during a notable decline in SEC enforcement actions and settlements, particularly during the latter part of President Trump’s administration. In 2025, the SEC initiated 313 enforcement actions, marking the lowest total in a decade and reflecting a 27% decrease from the last year of President Biden's term, according to analysis by the law firm Paul, Weiss. Among those enforcement actions, only four were directed at public companies, with total monetary settlements plummeting by 45% compared to 2024. Fisker was one of the few remaining electric vehicle startups under scrutiny from the SEC. In recent years, the agency addressed fraudulent activities related to other companies like Nikola, Lordstown Motors, and Canoo, among others. Notably, the SEC closed its investigation into Lucid Motors in 2023 without filing any charges. Currently, the only known ongoing inquiry into an electric vehicle startup pertains to Faraday Future, which has been under investigation for nearly four years. In July 2025, the SEC issued Wells notices to Faraday and several executives, indicating a recommendation for enforcement action, yet no further actions have been taken since. Fisker filed for bankruptcy in June 2024, following a series of challenges with its inaugural electric vehicle, the Ocean SUV. The company had previously made ambitious claims about revolutionary technologies but faced financial difficulties leading to its eventual downfall. Through the Chapter 11 bankruptcy process, Fisker managed to offload its remaining inventory of Oceans to a company focused on leasing vehicles to ride-hailing drivers, while also liquidating other assets.