Faraday Future Intelligent Electric Inc. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed against Faraday Future Intelligent Electric Inc. in the United States District Court for the Central District of California

NEW YORK, Jan. 5, 2022 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class action lawsuit has been in the United States District Court for the Central District of California behalf of persons and entities that purchased or otherwise acquired Faraday Future Intelligent Electric Inc. ("Faraday" or the "Company") (NASDAQ: FFIE) f/k/a Property Solutions Acquisition Corp. ("PSAC") securities between January 28, 2021 and November 15, 2021, inclusive (the "Class Period").

All investors who purchased the shares of  Faraday Future Intelligent Electric Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in Faraday Future Intelligent Electric Inc., you may, no later than February 22, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Faraday Future Intelligent Electric Inc.

PLEASE CLICK HERE TO JOIN CASE

On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday Future was 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 Future's claimed 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate. The report further alleges that contrary to representations of progress toward manufacturing made by Faraday Future in September 2021, former engineering executives did not believe that the car was ready for production.

On this news, the Company's share price fell $0.35 per share, or more than 4%, to close at $8.05 per share on October 8, 2021.

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.

On this news, the Company's share price fell $0.28 per share, or approximately 3%, to close at $8.83 per share on November 16, 2021.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at  www.whafh.com.

Contact:
Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected] 
Tel: (800) 575-0735 or (212) 545-4774

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

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

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