© Reuters.
BofA moved Fisker (NYSE:) shares to Under Review in a note Monday, following news that the company’s chief accounting officer, Florus Beuting, has resigned just two weeks after being appointed to the role.
Beuting, who was named as the company’s chief accounting officer on November 6, provided his resignation to the company on November 14, Fisker said in an SEC filing.
He had succeeded John Finnucan, who left Fisker in October. Finnucan leaving the position resulted in the electric vehicle startup delaying its quarterly results after it noted issues relating to internal controls over financial reporting.
Analysts at BofA said the recent events give the firm less confidence in the company’s financials and, subsequently, its earnings forecasts.
“The company’s recently appointed Chief Accounting Officer (CAO) left just a little over a week after starting, and FSR also delayed its 3Q:23 earnings reporting as well as the publication of its 10-Q filing,” the analysts noted. “Investors should no longer rely upon our previously published reports, recommendation, price objective, or estimates.”
“Given this series of events and the associated uncertainty they bring, we are awaiting additional disclosures to gain a better understanding of the situation,” they added.
