The shares of beleaguered electric vehicle (EV) maker Fisker (NYSE:FSR) are plunging about 45% today. FSR stock, which is now changing hands for less than 20 cents per share, is sinking because the company is reportedly considering declaring bankruptcy.

Moreover, earlier this year, the firm made major changes to its financial management team amid accounting issues, while a negative review of its flagship EV recently went viral.

Bankruptcy May Be on Tap for Fisker and FSR Stock

The automaker has retained FTI Consulting, a business consulting firm, to help it carry out a possible bankruptcy. FSR has also tapped a law firm to assist with with potential project.

In February, the automaker told investors that it may have to close its doors due to its financial problems.

Last year, Fisker lowered its prices and reduced its delivery forecast. The firm reported that it was facing tough competition.

A Financial Management Shakeup and a Negative Review That Went Viral

In November, Fisker noted that it had identified “deficiencies in (its) accounting and internal control.”  The automaker responded by recruiting a new executive vice president of finance and accounting, along with a fresh vice president of finance and controller operations.

More recently, a prominent YouTube personality, Marques Brownlee, who has reportedly “portrayed himself as a tech guru,” had multiple complaints about Fisker’s top EV, the Ocean. Specifically, he stated that the EV did not respond well to its key and did not drive smoothly. Brownlee also found the Ocean’s infotainment system “strange,” Car Scoops reported. The review has received more than 4.5 million views at the time of this writing.

Adding to Fisker’s problems, a phone call between one of its employees and the owner of the dealer that provided Brownlee with the Ocean was recorded. In the phone call, which is apparently being widely panned, the employee asks the owner, “Can I pull your fingernails out as part of an inquisition?” and admits that Fisker’s top management is worried about Brownlee’s review. The employee added that an upcoming software update would “fix a lot of problems but it’s not the holy grail of fixing Fisker.”

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On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.