Why Fisker Stock Popped Friday
Fisker (NYSE: FSR) shares have had a turbulent week. It's ending the week on a high note, though. After popping as much as 10.4% Friday morning, shares of the electric vehicle (EV) maker are holding on to a 4.5% gain as of 12:20 p.m. ET.
Yet, the stock is still down more than 20% over just the past five trading days. Investors began to worry after the company delayed the release of its third-quarter report due to the timing of the replacement for its recently departed chief accounting officer. That led the EV start-up to warn that it would be unable to file its official comprehensive quarterly statement along with its press release. But the company finally filed that official 10-Q report prior to the market's Thanksgiving holiday.
The company announced several changes to its financial department as it said its increasing sales volumes led to the need to scale up its reporting systems to keep pace. It also caused the company to share that it found "material weaknesses in internal [financial] controls." Now, the market knows the details behind that warning.
Source Fool.com
