Shareholders Foundation, Inc.

NASDAQ:FFIE Investor Notice: Lawsuit Alleges Misleading Statements by Faraday Future Intelligent Electric Inc.

A lawsuit was filed on behalf of investors in Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) shares over alleged securities laws violations.


San Diego, CA -- (SBWIRE) -- 01/26/2022 -- An investor, who purchased shares of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE), filed a lawsuit over alleged violations of Federal Securities Laws by Faraday Future Intelligent Electric Inc. f/k/a Property Solutions Acquisition Corp. (NASDAQ: FFIE, FFIEW, PSAC, PSACW, PSACU).

Investors who purchased shares of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) have certain options and for certain investors are short and strict deadlines running. Deadline: February 22, 2022. NASDAQ: FFIE investors should contact the Shareholders Foundation at or call +1(858) 779 - 1554.

On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday Future Intelligent Electric Inc 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 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.

The plaintiff claims that between January 28, 2021 and November 15, 2021, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that the Company had assets in China frozen by courts, that a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate, that the Company's cars were not as close to production as the Company claimed, that as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report, and that as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

Those who purchased shares of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.