Law Offices of Howard G. Smith 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 federal securities laws.
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.
Then, on November 23, 2021, after the market closed, Faraday disclosed that it had received a notice from NASDAQ that it was not in compliance with listing requirements due to the failure to file its quarterly report.
On this news, the Company’s share price fell sharply during intraday trading on November 24, 2021.
If you purchased Faraday securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
