Investigation Alert: Bernstein Litowitz Berger & Grossmann LLP Announces Investigation of Faraday Future Intelligent Electric Inc. and Encourages Investors to Contact the Firm
NEW YORK, Oct. 8, 2021 /PRNewswire/ -- Prominent investor rights law firm Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") is investigating potential violations of the federal securities laws by Faraday Future Intelligent Electric Inc. ("Faraday Future" or the "Company") (NASDAQ: FFIE).
Founded in 2014, Faraday Future is a technology company focused on the development of electric vehicles. On January 29, 2021, Faraday Future went public through a merger with a special purpose acquisition company ("SPAC").
BLB&G's investigation is focused on whether Faraday Future misled investors about the Company's ability to produce an electric vehicle. Our investigation was spurred by an October 7, 2021 investigative report, concluding that Faraday Future is unlikely to ever sell a car. Among other things, the report noted that after eight years in business, Faraday 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." As a result, Faraday shares have decline precipitously from a high over $20 per share to less than $8 per share.
The investigation is being led by BLB&G partner Scott R. Foglietta. If you have information that could assist in this investigation as a past employee or other interested party, or if you are a Faraday Future investor who suffered a loss and would like to learn more about our investigation, please contact BLB&G at (212) 554-4444, via e-mail at [email protected], or through the form on our website here.
About BLB&G
BLB&G is widely recognized worldwide as a leading law firm advising institutional investors on issues related to corporate governance, shareholder rights, and securities litigation. Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity and pioneered the use of the litigation process to achieve precedent-setting governance reforms. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering over $33 billion on behalf of defrauded investors. More information about the firm can be found online at www.blbglaw.com.
This press release may be considered Attorney Advertising under the applicable law and ethics rules of some jurisdictions. Prior results do not guarantee a similar outcome.
Contact
Scott R. Foglietta
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, New York 10020
(212) 554-4444
[email protected]
SOURCE Bernstein Litowitz Berger & Grossmann LLP
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