Electric car maker Fisker Automotive sued for fraud

An investor is suing troubled hybrid-electric car maker Fisker Automotive Inc. of Anaheim in Orange County Superior Court, alleging fraud and breach of fiduciary duty in the sale of company stock.

Fisker has laid off 71 employees in Orange County and Delaware in recent weeks. It closed the Delaware plant to preserve operating capital.

This week, the U.S. Department of Energy confirmed that it froze $336 million of a $529 million loan last May after the company failed to meet undisclosed “milestones.”

The investor suing the privately held company, Daniel Wray, bought about $210,000 in unregistered Fisker preferred stock between October 2009 and April 2011.

Wray alleges that on Jan. 18 Fisker sent him a letter saying that “due to Fisker’s urgent need for equity capital, the financing now contains a ‘pay to play’ provision.” Bottom line: Fisker wanted him to invest an additional $83,922.32 by Jan. 27.

If he didn’t pay, the letter allegedly warned, Wray would lose rights he got when he first purchased the stock, including a discounted price if the company goes public, protection against dilution of his shares by later purchasers and preference in a bankruptcy.

The lawsuit alleges that Fisker and the broker who sold the securities, Advanced Equities Inc., knew their promises to him were false all along. The suit seeks restitution, compensatory and punitive damages from Fisker and Advanced Equities.

Fisker spokesman Roger Ormisher said he was unaware of the lawsuit.