SAN FRANCISCO, Jan. 03, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) investors with significant losses to submit your losses now.
Class Period: Jan. 28, 2021 – Nov. 15, 2021
Lead Plaintiff Deadline: Feb. 22, 2022
Visit: www.hbsslaw.com/investor-fraud/FFIE
Contact An Attorney Now: FFIE@hbsslaw.com
844-916-0895
Faraday Future Intelligent Electric Inc. (FFIE) Securities Fraud Class Action:
The action alleges that Defendants concealed material facts concerning Faraday’s financial health and falsely claimed that Faraday would launch its luxury electric crossover SUV the FF 91 in 2022, that it received reservations for 14,000 cars, and it was months away from mass manufacturing.
Specifically, Defendants failed to disclose that: (1) Faraday had assets in China frozen by courts; (2) a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; and (3) the Company’s vehicles were not as close to production as the Company claimed.
On Oct. 7, 2021, analyst J. Capital released a scathing report entitled “Move Over Lordstown: There’s a New EV Scam in Town.” J. Capital concluded, based in part on interviews with former Faraday executives, that Faraday “was unlikely to ever sell a car.” According to J. Capital , Faraday “has reneged on promises to build factories in five localities in the U.S. and China,” “is being sued by dozens of unpaid suppliers,” “has failed to disclose that assets in China have been frozen by courts,” has falsely claimed to have 14,000 reservations when most were attributable to a likely Company affiliate, and the FF 91 is not ready to go into production due to unresolved engineering problems.
Shortly after J. Capital’s report, Faraday’s CFO resigned, the Company announced that it would not timely file its quarterly financial report, and it opened an internal investigation into J. Capital’s accusations.
“We’re focused on investors’ losses and proving Faraday lied about the development and demand for the FF 91,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Faraday, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Faraday should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FFIE@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
