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The SEC Closed Its Investigation Into Fisker in September 2025

The SEC reportedly closed its Fisker investigation in September 2025, but the agency has not publicly disclosed its findings or why the matter ended.
From TheFinanceBase Team3 min to read

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The SEC closed its investigation into Fisker in September 2025, according to a February 2026 TechCrunch report based on correspondence with the agency. The SEC has not publicly explained why it closed the investigation or disclosed any findings, so the closure alone does not establish that Fisker was cleared or that it violated securities laws.

What is known about the SEC investigation

Fisker filed for Chapter 11 bankruptcy in June 2024. On October 4, 2024, the SEC filed an objection in the bankruptcy case saying it had a pending investigation and asking that the liquidation plan preserve its regulatory powers, including access to company records and the ability to bring possible future federal securities-law actions. The filing said the agency had outstanding investigative subpoenas and might request or subpoena more documents. Read the SEC’s bankruptcy-court objection.

TechCrunch reported on February 13, 2026, that an SEC Freedom of Information Act response and a follow-up email from the agency indicated the investigation “was closed in September 2025.” The report says the SEC’s FOIA office identified approximately 21.7 gigabytes of electronically maintained records related to the investigation. That figure describes the volume of responsive records, not the strength of evidence, the scope of alleged conduct, or whether the SEC reached a conclusion. The SEC declined to comment to TechCrunch. Read TechCrunch’s report.

What the closure does—and does not—tell Fisker investors

It confirms a reported end date, not a public explanation

The reported closure date is September 2025, roughly a year after the SEC disclosed that its investigation was pending in the bankruptcy case. The reported correspondence establishes the timing, but the available public material does not explain why the agency closed the matter or how far its investigation progressed.

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It is not proof of wrongdoing or formal exoneration

Neither the SEC’s bankruptcy objection nor the reported closure correspondence establishes that Fisker or any individual violated securities laws. The available sources also do not establish that the SEC formally cleared anyone, considered or recommended enforcement, or made a finding one way or the other. A closed investigation should not be read as either a finding of guilt or a public declaration of innocence.

It does not establish shareholder recovery

The sources do not say whether Fisker shareholders will receive money, and the SEC investigation’s closure does not establish any recovery. The bankruptcy and the regulatory investigation are related only in the sense that the SEC sought to preserve its powers and access to records during the court process; the SEC’s filing does not disclose the investigation’s ultimate outcome.

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Do not confuse the SEC matter with NHTSA’s Fisker Ocean review

The SEC investigation concerned securities regulation. A separate matter involved the National Highway Traffic Safety Administration’s preliminary evaluation of alleged inadvertent automatic emergency braking in 2023 Fisker Ocean vehicles. NHTSA closed that evaluation on January 16, 2025, without manufacturer action, and expressly cautioned that closing the evaluation was not a finding that no safety-related defect existed. That vehicle-safety review was distinct from the SEC investigation and closed on a different date. See NHTSA’s investigation record.

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What remains undisclosed

The public sources cited here do not establish the SEC investigation’s exact subject matter, what evidence it gathered, whether it reached conclusions, whether it considered or recommended enforcement, or why it closed the matter. The closure date is reported by TechCrunch based on SEC FOIA correspondence and an agency follow-up email; it was not presented as a public SEC announcement. The SEC’s response to TechCrunch was to decline comment.

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