Unique Fabricating Inc. is facing insolvency after failing to make loan payments and dealing with allegations of improperly reporting finances, on top of being investigated for alleged labor rights violations at a manufacturing plant in Mexico.
The suburban Detroit supplier of plastics, rubber and foam — whose customers include Rivian Automotive Inc., Bosch and other automakers — told investors late last week that its financial statements for November were being investigated for inaccuracy, according to a form filed with the U.S. Securities and Exchange Commission.
As a result, the filing said, the company would be unable to file its financial report for the fiscal year ended Dec. 31 — a major red flag for investors.