PHILADELPHIA, Nov. 24, 2021 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating whether Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) ( NASDAQ: FFIE ) violated federal securities laws.
FARADAY FUTURE INVESTORS WHO HAVE SUFFERED FINANCIAL LOSSES ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE.
Faraday Future investors should be aware that J Capital Research recently issued a report, “Move Over Lordstown: There’s a New EV Scam in Town,” which, among other things stated that “[J Capital Research doesn’t] think Faraday Future (FFIE), an EV SPAC, will ever sell a car. So far, it's nothing but a bucket to collect money from U.S. investors and pour it into the black hole of debt created by its founder, China's best-known securities fraudster, Jia Yueting.”
The research report also stated that “[a]fter eight years in business, FFIE has failed to deliver a car and is yet again saying ‘next year.’ The company has reneged on promises to build factories in five localities in the U.S. and China and repeatedly delayed the sixth. FFIE is being sued by dozens of unpaid suppliers and has failed to disclose that assets in China have been frozen by courts. And Jia appears to be running the company behind the scenes.”
Additionally, J Capital Research reported that “[g]iven the current bubble environment, FFIE nevertheless managed to raise about $1 bln from U.S. investors via PIPEs and SPAC merger in July. Now it promises to restart its abandoned factory in Hanford, California and mass-produce cars in just seven months. [J Capital Resarch] doubt[s] that timeline will hold: three recent visits to the factory showed little activity, and company formers told us there are still engineering problems to work out.”
On November 15, 2021, Faraday Future filed a Form 8-K which stated that “. . . the Company will be unable to timely file its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2021 or its amended Registration Statement on Form S-1 (File No. 333-258993) and (ii) certain business and operational updates from the third quarter of 2021.”
Faraday Future’s stock has declined since its November 15, 2021 closing price and was down more than 6% during intraday trading on November 24, 2021.
FARADAY FUTURE INVESTORS WHO HAVE LOST MONEY ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT EITHER JOHN KEHOE, ESQ., (215) 792-6676, EXT. 801, JKEHOE@KEHOELAWFIRM.COM, OR MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO DISCUSS THE FARADAY FUTURE SECURITIES CLASS INVESTIGATION OR POTENTIAL LEGAL CLAIMS.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.
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