Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Continues Its Investigation of Faraday Future Intelligent Electric Inc. (FFIE) on Behalf of Investors - Yahoo Finance
LOS ANGELES, November 24, 2021--(BUSINESS WIRE)--Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, continues its investigation on behalf of Faraday Future Intelligent Electric Inc. ("Faraday" or the "Company") (NASDAQ: FFIE) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Faraday investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/faraday-future-intelligent-electric-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday is 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.
On this news, the Company’s stock price fell $0.35, or 4%, to close at $8.05 per share on October 7, 2021, thereby injuring investors.
Then, on November 15, 2021, after the market closed, Faraday stated that it could not timely file its third quarter 2021 quarterly report with the SEC because the Board was conducting an investigation of "allegations of inaccurate disclosures."
On this news, the Company’s share price fell $0.28, or 3%, to close at $8.83 per share on November 16, 2021, thereby injuring investors further.
source: https://finance.yahoo.com/news/glancy-prongay-murray-llp-leading-220000335.html
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