PHILADELPHIA, 07 Feb. 12, 2022 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that it is investigating Faraday Future Intelligent Electric Inc. (“Faraday”) (NASDAQ: FFIE) on behalf of the company’s long-term shareholders.
Faraday is engaged in the design, development, manufacture, engineering, sales and distribution of electric vehicles and related products in the United States and around the world. The current company was created in July 2021 through a business combination with the entity SPAC Property Solutions Acquisition Corp. (NASDAQ: PSAC), with Faraday being the surviving public entity.
On October 7, 2021, J Capital Research released 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 not delivered a car “, “reneged on promises to build factories in five locations in the United States and China”, “is being sued by dozens of unpaid suppliers” and “did not reveal that assets in China have been frozen by the courts.” Additionally, the report alleged that the 14,000 deposits claimed by Faraday were fabricated because 78% of those bookings were made by a single, undisclosed company that is likely a subsidiary. The report further alleges that unlike to representations of progress towards manufacturing made by Faraday in September 2021, former engineering executives did not believe the car was ready for production.
Then, on November 15, 2021, Faraday announced that he would not be able to file his Form 10-Q on time for the fiscal quarter ending September 30, 2021, and announced that his board of directors “has formed a Special Committee of Independent Directors to Investigate Allegations of Inaccurate Disclosures,” including the allegations in the J Capital Report.
Running Faraday sshareholders who purchased or acquired FFIE or PSAC shares before June 21, 2021 are encouraged to contact Kaskela Law LLC (Adrienne Bell, Esq.) at (888) 715 – 1740, or by email ([email protected]) or online at https://kaskelalaw.com/cases/faraday/for more information about this investigation and their legal rights and options.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger and acquisition litigation. For more information about Kaskela Law LLC, please visit www.kaskelalaw.com. This notice may constitute advertising for attorneys in some jurisdictions.
D.Seamus Kaskela, Esq.
Adrienne Bell, Esq.
SARL DE LOI KASKELA
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