Fisker is facing more bad news as the SEC begins investigating its business practices

Last week was not kind to the electric car industry. Now, news has gathered that EV startup Fisker is the subject of an investigation from the US Securities and Exchange Commission (SEC).

reported that SEC officials had sent several subpoenas to Fisker. The filing doesn’t say specifically what the subpoenas are requesting or not but it is clear that the SEC has launched an investigation into the moving EV maker.

Fisker has been struggling to keep its head above water since last year’s release of its Ocean SUV that failed to find more than a few thousand sellers despite producing more than 10,000 units. Following its Q4 report last year that saw a net loss of 35 percent, the automaker announced that it will lay off 15 percent of its workforce next March as it transitions to a direct-to-consumer model.

A spokeswoman for Fisker declined to comment on the matter TechCrunch saying they could not “comment on the existence or non-existence of a potential investigation.”

Fisker isn’t the only EV maker facing significant setbacks. Tesla saw a major setback in the.