Observed Signal · Feb 13, 2026 · Regulatory / Investigation Closure · Source: TechCrunch · Impact: 2/5 · Sentiment: Neutral
SEC Closes Fisker Investigation Amid Declining Enforcement Actions
The U.S. Securities and Exchange Commission closed its investigation into bankrupt electric-vehicle startup Fisker in September 2025, TechCrunch reports after obtaining records via a FOIA request. The SEC identified roughly 21.7 gigabytes of electronically maintained records related to the probe; the agency had first disclosed the existence of the investigation in an October 2024 bankruptcy filing and had issued subpoenas. The closure comes amid a marked decline in SEC enforcement: the agency initiated 313 enforcement actions in 2025 (the lowest in a decade) and saw total monetary settlements fall 45% year-over-year, according to law firm Paul, Weiss. Fisker filed for Chapter 11 bankruptcy in June 2024 and liquidated remaining assets and inventory. The only known active SEC probe of an EV startup mentioned is Faraday Future, which received Wells notices in July 2025 and has not yet had further action.
Closure of an SEC investigation into a bankrupt EV startup is notable for corporate regulatory risk and enforcement trends, but it does not constitute industry-shifting news for AdTech; broader SEC enforcement decline is relevant to corporate governance and investor risk.
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Key Takeaways & Evidence Grounding
- The SEC closed its investigation into Fisker in September 2025.
- The SEC identified approximately 21.7 gigabytes of electronically maintained records related to the Fisker probe in response to a FOIA request.
- The SEC initiated 313 enforcement actions in 2025, the lowest in a decade, and total monetary settlements fell 45% from 2024, per analysis by law firm Paul, Weiss.
- Fisker filed for Chapter 11 bankruptcy in June 2024 and sold remaining inventory and assets through the bankruptcy process.
- Faraday Future remains the only known active SEC investigation into an EV startup; it received Wells notices in July 2025 and has not yet faced enforcement action.
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