|Case Leader:||Scott R. Foglietta|
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Investigation Alert: Bernstein Litowitz Berger & Grossmann LLP Announces Investigation of Faraday Future Intelligent Electric Inc. and Encourages Investors to Contact the Firm
On October 8, 2021, Bernstein Litowitz Berger & Grossmann LLP (“BLB&G”) announced it 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.
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