PHILADELPHIA, Feb. 21, 2022 — Investor protection law firm Kaskela Law LLC announces that it is investigating Faraday Future Intelligent Electric Inc. (“Faraday”) (NASDAQ: FFIE) on behalf of the company’s long-term stockholders.
Faraday engages in the design, development, manufacture, engineering, sale, and distribution of electric vehicles and related products in the United States and internationally. The current company was formed in July 2021 via a business combination with SPAC entity Property Solutions Acquisition Corp. (NASDAQ: PSAC), with Faraday as the surviving, public entity.
On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday was unlikely to ever sell a car, noting that after eight years in business, the Company has “failed to deliver a car,” “has reneged on promises to build factories in five localities in the U.S. and China,” “is being sued by dozens of unpaid suppliers,” and “has failed to disclose that assets in China have been frozen by courts.”
Moreover, the report alleged that Faraday’s claimed 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate. The report further alleges that contrary to representations of progress toward manufacturing made by Faraday in September 2021, former engineering executives did not believe that the car was ready for production.
Then, on November 15, 2021, Faraday announced that it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time, and announced that its board of directors “formed a special committee of independent directors to review allegations of inaccurate disclosures,” including the claims in the J Capital report.
Current Faraday stockholders who purchased or acquired FFIE or PSAC shares prior to June 21, 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (484) 229 – 0750, or by email at abell@kaskelalaw.com to discuss this investigation and their legal rights and options. Additional information may also be found at https://kaskelalaw.com/cases/faraday/.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
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