SAN FRANCISCO, Oct. 14, 2021 /PRNewswire/ -- Hagens Berman urges Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) investors with significant losses to submit your losses now.
Contact An Attorney Now: FFIE@hbsslaw.com
Faraday Future Intelligent Electric Inc. (FFIE) Investigation:
The investigation focuses on the accuracy of Faraday's statements concerning its claimed reservations and production capabilities.
Faraday is a pre-production EV company that is purportedly launching a luxury crossover SUV, the FF 91, in 2022. In early 2021, the Company claimed it had already received deposits for 14,000 cars. Faraday's claims allowed the Company to raise $1 billion from U.S. investors through a SPAC merger in July 2021. Since this time, Faraday has emphasized its progress, stating it was months away from mass manufacturing.
On Oct. 7, 2021, the veracity of Faraday's statements came into question when analyst J. Capital released a scathing report. J. Capital suggests that Faraday's claimed 14,000 deposits are fabricated, as 78% of these reservations were made by a single undisclosed company that is likely an affiliate.
Based on interviews with former Faraday executives, J. Capital also claims the FF 91's technology is not ready to go into production. Citing battery issues, parts supply and unqualified personnel, J. Capital concludes that Faraday Future is unlikely to ever sell a car to a consumer.
As a result, Faraday shares have declined precipitously from a high over $20 per share to $8 per share.
"We're focused on investors' losses and whether Faraday lied about the development and demand for the FF 91," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Faraday, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Faraday should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email mailto:FFIE@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers, and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP