The PennZone

BENSALEM, Pa.--(BUSINESS WIRE)--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.

More on The PennZone

• Allstream Energy Partners, SEO Experts in Oil and Gas, Awarded Gas Processing OEM Agreement
• Growth Story Expands: $54.6M Contract, $30M Revenue Run Rate, 800+ Customers, 50+ Patents & New AI Cybersecurity Products for Cycurion, Inc $CYCU
• Sky Quarry Restarts Nevada's Only Crude Oil Refinery — A Major New Chapter Begins in This Highly Lucrative sector for N A S D A Q: SKYQ
• Nutriband Inc. (N A S D A Q: NTRB) Breaks Into Uncharted Territory: 52-Week High Eclipsed as Shares Surge 22% —AVERSA™ Puts Investors on High Alert
• Jacqui Condon Selected to Workers' Compensation Panels for Three Professional Athlete Associations

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.

More on The PennZone

• New Metallized PE Film from Pregis Brings Recyclability to High-Barrier Food Packaging at Pack Expo International in Chicago
• Transformational $104 Million Musculoskeletal Healthcare Opportunity as Expansion Strategy Accelerates for Cardiff Lexington Corp (Stock Symbol: CDIX)
• Affordable Braces in Allentown Made Accessible Through Exeter Smiles' Flexible Payment Options
• PropAccount.com Launches Marketing Hub Within PropGenie, Giving Prop Firm Operators an Automated Marketing Team
• Save 15 Percent Off Florida Keys Accommodations with KeysCaribbean's Advance Purchase Rate Discount

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

---

Show All News | Disclaimer | Report Violation