The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Faraday Future Intelligent Electric, Inc. f/k/a Property Acquisition Corp. (FFIE) Investors - Yahoo Finance
LOS ANGELES, December 27, 2021--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Faraday Future Intelligent Electric Inc. ("Faraday" or the "Company") (NASDAQ: FFIE) f/k/a Property Solutions Acquisition Corp. ("PSAC") securities between January 28, 2021 and November 15, 2021, inclusive (the "Class Period"). Faraday investors have until February 22, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 7, 2021, J Capital Research published a report alleging, among other things, 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." Moreover, the report alleged that Faraday Future’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 Future in September 2021, former engineering executives did not believe that the car was ready for production.
On this news, the Company’s share price fell $0.35 per share, or more than 4%, to close at $8.05 per share on October 8, 2021.
On November 15, 2021, Faraday Future announced that it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time. Faraday Future further 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.
source: https://finance.yahoo.com/news/law-offices-frank-r-cruz-180000557.html
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