Trending...
- Pennsylvania: Wolf Administration Awards $8 Million in Grants to Increase School Safety
- ExecuSearch Holdings, LLC Data Breach Prompts Investigation into Possible Class Action Lawsuit
- Founder Of Sheen Magazine & Co-founder Of Chapman Products Company Featured In Vogue Magazine
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
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
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
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
- Mr. Ismail Sirdah – A Man Of Intelligence And Patience
- Pennsylvania Commission for Women, Pennsylvania State Police, and Pennsylvania Legislative Black Caucus Host Women in Law Enforcement Discussion
- CLVT ALERT: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Clarivate Plc
- EQT Corporation Schedules Fourth Quarter and Year-End 2021 Earnings Release and Conference Call
- Podchaser Partners With Audacy on Podcasting Insights to Enhance Podcasting Capabilities
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
- Kaplan Morrell Attorneys at Law Announces New Partner
- Pennsylvania: Gov. Wolf: Stop Disrespecting Workers by Finally Raising the Minimum Wage
- Franklin Templeton Selects Ascensus to Host Personal Retirement Path Managed Account Services Offering
- Philadelphia Area Orthodontist Accepting New Patients
- Culinary And Cannabis Presents The CannaSpa Celebrity Gifting Lounge In Honor of Super Bowl LVI
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
Filed Under: Business
0 Comments
Latest on The PennZone
- Mens Environmentally Conscious Swimwear To Debut At New York Fashion Week
- Wesco Named to 2022 Bloomberg Gender-Equality Index
- IDMWORKS Nabs Top 2021 Honors as "Americas SailPoint Partner of the Year" for the Fourth Time in the Past Five Years
- Pennsylvania: Gov. Wolf Celebrates Bipartisan House Bill 253, Appropriating $225 Million to Support Health Care Workforce
- Pennsylvania: Governor Wolf Announces $23 Million in Second Round of Violence Intervention and Prevention Grant Program Awards
- FEIN Power Tools Welcomes William Craig – President for FEIN US
- LBC Small Cap Scores Investment in Soccer Shots
- Founder Of Sheen Magazine & Co-founder Of Chapman Products Company Featured In Vogue Magazine
- Law Offices of Howard G. Smith Announces Investigation of Citrix Systems, Inc. (CTXS) on Behalf of Investors
- Gemean and NimbleSystems Announce Strategic Partnership
- United States Steel Corporation Announces Strategic Investment in Carnegie Foundry to Accelerate Advanced Robotics and Autonomy Capabilities
- SURGENT ACCOUNTING & FINANCIAL EDUCATION RENAMES AND INCREASES STUDENT SCHOLARSHIP AWARD TO HONOR LATE COLLEAGUE
- Right now Unique Chrysler Jeep Dodge Ram has the largest volume of inventory in the Burlington area!
- Center Valley Dental Accepting New Patients Looking for Dental Implants
- SafuCoin (SAFUCOIN) announces it will provide a critical missing part of the infrastructure for the crypto economy – a 'trust layer'
- New hire power hitters bring additional strategic depth to help USAM's clients
- NRx Receives Initial Report of Patient Safety and Survival from Right to Try use of ZYESAMI® (aviptadil) during Omicron Surge
- Gateway First Bank Extends Sagent Mortgage Servicing Partnership
- CyberSecurity Malaysia, EclecticIQ, and Syntx Sign MOU to Build Cyber Threat Intelligence Capabilities in the Region
- SHAREHOLDER ALERT: Kessler Topaz Meltzer & Check, LLP Reminds MARA Investors of Securities Fraud Class Action Lawsuit Filed On Their Behalf