SAN DIEGO–(BUSINESS WIRE)–Shareholder rights law firm Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE, FFIEW) securities between January 28, 2021 and November 15, 2021 for violations of the Securities Exchange Act of 1934. Faraday Future designs and engineers next-generation smart electric connected vehicles.
If you suffered a loss due to Faraday Future Intelligent Electric Inc.’s misconduct, click here.
Faraday Future Intelligent Electric Inc. (FFIE, FFIEW) Misled Shareholders Regarding its Ability to Deliver Vehicles
According to the complaint, on July 21, 2021, PSAC, a special purpose acquisition company, and Faraday Future completed a business combination, and on July 22, 2021, Faraday Future began trading under FFIE and FFIEW. On October 7, 2021, J Capital Research published a report alleging that Faraday Future 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.” On this news, the Company’s share price fell more than 4%, to close at $8.05 per share on October 8, 2021.
Then, on November 15, 2021, Faraday Future announced it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time. The Company announced its board of directors had “formed a special committee of independent directors to review allegations of inaccurate disclosures,” including the claims in the J Capital Report. On this news, the Company’s share price fell approximately 3%, to close at $8.83 per share on November 16, 2021.
If you purchased shares of Faraday Future Intelligence Electric Inc. (FFIE, FFIEW) between January 28, 2021 and November 15, 2021, you have until February 22, 2022, to ask the court to appoint you lead plaintiff for the class.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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