Benesch Partners Jaffer and Fiorella Quoted in LA Times Article on SEC Subpoena of Fisker

Benesch Partners Shaneeda Jaffer and Andrew Fiorella were quoted in a recent Los Angeles Times article discussing the Securities and Exchange Commission’s (SEC) subpoena of bankrupt carmaker Fisker Inc., which signals a potential investigation into the company’s financial practices, and the implications for its stakeholders.

Shaneeda Jaffer, a white-collar defense attorney based in Benesch’s San Francisco office, provided her insights on the complexities of white-collar defense in high-stakes situations, saying that while it’s an “absolute possibility” that Fisker itself is the target of an investigation, the SEC also issues subpoenas to parties that might be able to provide information regarding other investigations.

“Or you could be a subject of an investigation where you haven’t necessarily been put in either of those buckets,” she explained. “Companies and individuals receive subpoenas from the SEC all the time.”

In March 2021, Fisker’s stock reached an all-time high of $31.96. After a dramatic fall, it now trades for less than a penny.

Andrew Fiorella, who co-chairs Benesch’s Financial Institutions and Securities Litigation Group and represents and counsels some of the largest businesses and financial institutions in the country in complex commercial disputes, said it was highly unlikely that Fisker shareholders would be able to recover their losses, since secured debt holders and others with claims against the bankrupt company have priority over common shareholders.

“There’s almost certainly going to be nothing left at the end of the day,” he said.

To read the full article, click here: SEC has issued a subpoena to bankrupt carmaker Fisker – Los Angeles Times (latimes.com)