SEC investigation into bankrupt EV maker Fisker has ended
What's the story
The US Securities and Exchange Commission (SEC) has closed its investigation into bankrupt electric vehicle (EV) start-up Fisker. The existence of the probe was revealed in October 2024 in Fisker's bankruptcy case. The SEC had issued subpoenas to the company and indicated that it might need to request or subpoena additional documents for its ongoing investigation.
Investigation details
Investigation was closed in September 2025
TechCrunch learned about the closure of the investigation after filing a Freedom of Information Act (FOIA) request in January. The SEC's FOIA department confirmed it had found "approximately 21.7GB of electronically maintained records" related to the probe. The agency usually doesn't release records if investigations are still open, and clarified in a follow-up email that this particular case "was closed in September 2025."
Company struggles
Fisker filed for bankruptcy in June 2024
Fisker filed for bankruptcy in June 2024, after a series of issues with its first EV, the Ocean SUV. The company had spent years making ambitious claims about radical new technologies but kept changing its direction. It also faced severe financial difficulties leading up to its downfall. The Chapter 11 bankruptcy process was used by Fisker to sell off its remaining inventory of Oceans to a ride-hail driver leasing company and liquidate other assets.
Regulatory trends
Enforcement actions and settlements have plummeted during Trump's 2nd term
The closure of the Fisker investigation comes as enforcement actions and settlements have plummeted during President Donald Trump's second term. An analysis by law firm Paul, Weiss, found that the SEC brought 313 enforcement actions in 2025, a 27% drop from Biden's last year. Only four of these were against public companies and total monetary settlements dropped by 45% from 2024.