Trending...
- Ice Melts. Infrastructure Fails. What Happens to Clean Water?
- The Legal AI Showdown: Westlaw, Lexis, ChatGPT… or EvenSteven?
- Delay In Federal Disaster Assistance Causing Failure Of Small Business In Disaster Areas
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
- Kaltra Introduces New Downward-Spraying Distribution Technology to Boost Microchannel Evaporator Performance
- Talentica Announces Winners of Multi-Agent Hackathon 2026
- Special Alert: Undervalued Opportunity: IQSTEL (N A S D A Q: IQST) Positioned for Explosive Multi-Year Growth
- Triple-Digit Growth, Strategic N A S D A Q Uplist, Plus A Scalable Healthcare Rollout Model: Stock Symbol: CDIX
- Vesica Health Receives FDA Breakthrough Device Designation for AssureMDx
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
- Lineus Medical's SafeBreak® Vascular Added to Alliant GPO Contract
- Cancun All Inclusive is ready for Spring Break 2026 with new Resorts, Exclusive Deals, activities and more!
- 66% of US Bankruptcies Are Medical — So Americans Are Building Businesses That Cover Healthcare Emergencies
- Ludex Partners With Certified Trading Card Association (CTCA) To Elevate Standards And Innovation In The Trading Card Industry
- Best Book Publishing Company for Aspiring Authors
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
- A Celebration of Visibility, Voice and Excellence: The 57th NAACP Image Awards Golf Invitational, Presented by Wells Fargo, A PGD Global Production
- TopDogTours Expands Award-Winning Walking Tours in Philadelphia with Immersive Experiences
- Athens in Spring: A Culinary City Break That Rivals Paris and Copenhagen
- ClearSight Therapeutics Signs LOI with Covalent Medical for $60M Multi-Channel OTC Eye Care Partnership
- Jayne Williams Joins Century Fasteners Corp. Sales and Business Development Team
- Lord of the Rings Star Orlando Bloom To Host Special Experience at FAN EXPO Philadelphia
- Rocket Fibre Services Growing Customer Base With netElastic Networking Software
- Cummings Graduate Institute for Behavioral Health Studies Honors New Doctor of Behavioral Health Graduates
- IDpack v4 Launches: A Major Evolution in Cloud-Based ID Card Issuance
- Corey Lakins Set to Launch Glow Your Influence, a Podcast Spotlighting Women Leaders
- CCHR Says Psychiatry's Admission on Antidepressant Withdrawal Comes Far Too Late
- 505 Plumbing, Heating & Cooling Launches in Albuquerque, Bringing a Customer-First Approach to Home Services
- As AI.com Sells For Record $70 Million, Attention Now Turns To ArtificialIntelligence.com
- AOW Event Sponsored By The Stanglwirt Resort a renowned five-star Austrian wellness destination
- Average US gambler spends $210 per month in 2026
- 10X Recruitment Launches Operator-Led Executive Search for Behavioral Health and Legal Leaders
- Integris Composites developing armor for military in Arctic Circle
- Caraline Skincare's Gentle Glow Cleansing Oil Named Finalist for Best Face Cleanser at the 2026 CertClean Clean Beauty Awards
- Workplace safety ideas from the front lines to highlight Applied Ergonomics Conference in Arlington, Texas
- ThoroughCare Appoints New Chief Executive Officer & Chief Growth Officer to Accelerate Expansion