No—the SEC’s investigation was not described as an investigation of Fisker’s liquidation plan. In an October 2024 court filing, the agency said it was investigating whether Fisker Inc. and others may have violated federal securities laws in connection with the company’s pre-bankruptcy activities. TechCrunch reported in February 2026, citing an SEC response to a FOIA request, that the investigation closed in September 2025. The bankruptcy case, meanwhile, continued with post-confirmation administration.
What the SEC said it was investigating
In an October 4, 2024 objection filed in Fisker’s Delaware Chapter 11 case, the SEC stated: “The Commission is currently investigating whether the Debtors, and others, may have violated the federal securities laws in connection with Fisker’s prepetition activities.” Read the SEC’s objection.
“Prepetition” means before the bankruptcy filing. The agency’s statement concerned possible securities-law violations tied to Fisker’s earlier activities. It did not say the liquidation plan itself was under investigation, and it was an agency statement—not a court finding that anyone had violated the law.
Why the SEC objected to the proposed plan
The SEC raised separate concerns about provisions in the proposed bankruptcy plan. It objected to a third-party release that could affect shareholders and argued that the plan needed to preserve the Commission’s regulatory powers, including its ability to preserve and obtain corporate records in connection with its investigation and possible future actions. Those objections addressed how the plan treated releases and regulatory authority; they do not mean the SEC was investigating the plan.
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The SEC’s filing asked that the plan preserve “the Commission’s police and regulatory powers with respect to its pending investigation (including the preservation and production of corporate records) and possible future actions alleging violations of the federal securities laws.” This was the SEC’s position in its objection, not a ruling on the merits of its investigation.
What happened to the SEC investigation
On February 13, 2026, TechCrunch reported, citing the SEC’s response to a FOIA request, that the investigation closed in September 2025. The report does not disclose the investigation’s findings or why it closed. The SEC response identified approximately 21.7 gigabytes of electronically maintained records, as reported by TechCrunch; that volume says nothing by itself about whether wrongdoing occurred or what the investigation concluded. Read TechCrunch’s report.
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The available reporting does not establish how far the investigation progressed, whether it led to an enforcement action, or whether the SEC concluded that violations occurred. Closure alone does not establish that Fisker or any person was cleared, nor that the SEC found a violation.
The liquidation plan was confirmed separately
The bankruptcy court entered its order confirming Fisker’s Chapter 11 liquidation plan on October 16, 2024. The case information page lists October 17, 2024, as the plan’s effective date. Read the confirmation order and view the Verita case page.
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Confirmation was the court’s approval of the bankruptcy plan. It was distinct from the SEC’s investigation into possible pre-bankruptcy securities-law violations, and it did not amount to an SEC finding or approval of the company’s conduct.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the bankruptcy case still had activity
A confirmed plan does not necessarily end every task in a bankruptcy case. The trustee continued claims objections and related administration after confirmation, with docket activity recorded into 2026. Verita’s court-document listing includes a filing dated October 1, 2026. These later case-administration matters are separate from the reported closure of the SEC investigation.
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