Consumer Cyclical - Auto - Manufacturers - NASDAQ - US
$ 0.0156
-10.3 %
$ 57.7 M
Market Cap
-0.01
P/E
Faraday Future Intelligent Electric, Inc. is an emerging growth company, which manufactures electric vehicles. The company was founded by Jia Yueting in May 2014 and is headquartered in Gardena, CA.[ Read More ]
The intrinsic value of one FFIEW stock under the base case scenario is HIDDEN Compared to the current market price of 0.0156 USD, Faraday Future Intelligent Electric Inc. is HIDDEN
2. FUNDAMENTAL
ANALYSIS
Price Chart FFIEW
FINANCIALS
784 K
REVENUE
-286 M
OPERATING INCOME
-432 M
NET INCOME
-278 M
OPERATING CASH FLOW
-31.1 M
INVESTING CASH FLOW
291 M
FINANCING CASH FLOW
9 K
REVENUE
-25.2 M
OPERATING INCOME
-77.7 M
NET INCOME
-22.7 M
OPERATING CASH FLOW
-301 K
INVESTING CASH FLOW
29 M
FINANCING CASH FLOW
Balance Sheet Decomposition
Faraday Future Intelligent Electric Inc.
| Current Assets | 91.4 M |
| Cash & Short-Term Investments | 1.9 M |
| Receivables | 7 K |
| Other Current Assets | 89.5 M |
| Non-Current Assets | 439 M |
| Long-Term Investments | 0 |
| PP&E | 434 M |
| Other Non-Current Assets | 4.88 M |
| Current Liabilities | 261 M |
| Accounts Payable | 93.2 M |
| Short-Term Debt | 108 M |
| Other Current Liabilities | 59.9 M |
| Non-Current Liabilities | 41.1 M |
| Long-Term Debt | 39.8 M |
| Other Non-Current Liabilities | 1.34 M |
EFFICIENCY
Earnings Waterfall
Faraday Future Intelligent Electric Inc.
| Revenue | 784 K |
| Cost Of Revenue | 42.6 M |
| Gross Profit | -41.8 M |
| Operating Expenses | 238 M |
| Operating Income | -286 M |
| Other Expenses | 146 M |
| Net Income | -432 M |
RATIOS
-5334.57%
GROSS MARGIN
-36486.48%
OPERATING MARGIN
-55069.39%
NET MARGIN
-189.17%
ROE
-81.38%
ROA
-85.98%
ROIC
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis
Faraday Future Intelligent Electric Inc.
| Net Income | -432 M |
| Depreciation & Amortization | 45.5 M |
| Capital Expenditures | -31.1 M |
| Stock-Based Compensation | 9.17 M |
| Change in Working Capital | -49.1 M |
| Others | 85.1 M |
| Free Cash Flow | -309 M |
Wall Street Analysts Price Targets
Faraday Future Intelligent Electric Inc.
FFIEW has no price targets from Wall Street.
4. DIVIDEND ANALYSIS
0.00%
DIVIDEND YIELD
0 USD
DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership
Faraday Future Intelligent Electric Inc.
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
0 USD 0
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
100 USD 1
9-12 MONTHS
| Date | Value | Insider | Amount | Avg Price |
|---|---|---|---|---|
|
10 months ago
Dec 21, 2023
|
Bought 100 USD
|
Aydt Matthias
Global Chief Exec. Officer |
+ 1
|
100 USD |
|
1 year ago
Jun 16, 2023
|
Bought 100 USD
|
Chen Xuefeng
Global Chief Exec. Officer |
+ 1
|
100 USD |
7. News
Faraday Future Reports Financial Results for Third Quarter 2021
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“FF,” “Faraday Future” or “the Company”), a California-based global shared intelligent electric mobility ecosystem company, today announced financial results for its third quarter ended September 30, 2021. Results were delayed as a result of the previously announced Special Committee review. “The third quarter of 2021 was eventful for Faraday Future as we completed our merger with PSAC and became a public company, ending the quarter well-capitalized with a strong balance sheet,” said Global CEO of Faraday Future Dr. Carsten Breitfeld. “We made strong progress building out the Hanford manufacturing facility and production area construction is advancing on schedule. We continued to make excellent progress with our supply chain partners in a challenging supply-chain environment. We significantly bolstered our management team with key hires who will help us navigate the challenging logistics climate, and strengthened other key areas in manufacturing, development, finance, and elsewhere.” Dr. Breitfeld continued, “After quarter end, we marked our first four milestones toward SOP at the Hanford manufacturing facility. We remain confident that we will launch the FF 91 in the third quarter of 2022 and believe that Faraday Future is positioned to redefine the state-of-the-art in intelligent electrified mobility.” COMMENT ON SPECIAL COMMITTEE REVIEW Dr. Breitfeld added, “The Special Committee of independent Board members completed its previously announced review of past disclosures and allegations and submitted its findings and recommendations to the full Board. The Board accepted the findings and implementation of remediation actions is well underway. On behalf of the entire management team, I want to thank the Special Committee, our financial and legal advisors, and my fellow Board members for their hard work and for their commitment to holding the Company to the highest standards of ethics and conduct. I also want to thank all of my fellow employees, our suppliers, and our investors for their support and confidence. I believe that this review and the changes we are making will help us build a stronger, better company.” KEY COMPANY HIGHLIGHTS DURING THIRD QUARTER 2021 Faraday Future continues to make progress towards the launch of the FF 91 and accomplishing our business plan, and made the following announcements during the three months ended September 30, 2021: Completed its merger with Property Solutions Acquisition Corp. (“PSAC”), a special purpose acquisition company. FF’s common stock and warrants began trading on NASDAQ under the tickers "FFIE” and “FFIEW”, respectively, on July 22, 2021. Completed a 2,270-mile testing and evaluation journey following the historic Route 66, a highway that crosses numerous U.S. states as it winds its way from Chicago, Illinois to Santa Monica, California. Announced its plans to partner with Qmerit, a leader in green energy transformation with the largest nationwide network of certified electrical installers for EV charging stations, to support future FF 91 drivers in need of home charging stations and other future energy-related installations. Hired Matt Tall as Vice President of Manufacturing. Mr. Tall is responsible for leading all facets of FF’s production and manufacturing, focusing on the Hanford, California manufacturing plant, where he oversees the final phases of the plant upgrade, installation of component tooling, hiring, and the production of the FF 91. Hired Liu Yuchao as Senior Vice President of Supply Chain for FF’s operations in China. Mr. Yuchao will help FF take a solid step forward in promoting the production and delivery of the FF 91. Added new leadership members to its growing team: including Senior Director of Energy Storage and Charging; Head of Software Engineering, ADAS, and Self Driving; Lead of Vehicle Quality. Announced plans to increase its employee headcount significantly over the next 12 months following the merger with PSAC that closed in July 2021. Hiring has been focused on filling positions in the areas of manufacturing, engineering, supply chain, design, marketing, brand, sales, finance and accounting, and other areas, along with the potential for higher-level executive positions. Hosted the first annual 919 Futurist Day co-creation festival at FF’s Headquarters in Los Angeles, CA. Hundreds of attendees representing FF users, partners, car enthusiasts as well as global FF employees and family members gathered to celebrate FF’s successes, products, technologies, people, innovation, and user-centric philosophy. Outlined major milestones on the path to production for FF’s manufacturing facility in Hanford, CA, and provided periodic milestone and other progress updates including videos and livestreams on various public media channels and the FF app. KEY EVENTS SUBSEQUENT TO THIRD QUARTER END Subsequent to September 30, 2021, and through December 31, 2021, FF accomplished the following major milestones: Completed the installation of pilot equipment in the pre-production build area of its Hanford, California facility. The Hanford manufacturing facility is approximately 1.1 million square feet and, once it is built out, is expected to have the capacity to support production of 10,000 vehicles per year. Based on the current timeline, FF management anticipates production at the Hanford facility will commence in the third quarter of 2022. Received its final Certificate of Occupancy (“CO”) for a dedicated area for pre-production manufacturing at the facility in Hanford, California. The CO allowed FF to begin crucial construction activities, including the building of additional pre-production vehicles at the facility. Started foundation construction for all remaining production areas in the Hanford facility, including body, propulsion, warehouse, and vehicle assembly. Interior foundation work in the production area is now essentially complete, and major mechanical systems, including electrical and plumbing, are being installed. Announced program with Munro & Associates, which will serve as FF’s co-creation consultant and will assist with the production-readiness process of the FF 91 through comparative analysis and quality assessment. Held a Community Day and Job Fair at the Hanford Civic Auditorium on November 3, 2021, and November 10, 2021, respectively. Announced HSL Italia as Exterior Lighting Supplier. HSL Italia will work with the Company throughout the production process to ensure a premium and innovative exterior lighting display. Subsequent to December 31, 2021, FF accomplished the following additional major milestones and made certain personnel and organizational changes: Announced that Myoung Shin Co., Ltd., an automotive manufacturer headquartered in South Korea, has been contracted to manufacture Faraday Future’s second vehicle, the FF 81, with SOP scheduled for 2024. Unveiled the first “production-intent” build of the FF 91. This marks Faraday Future’s manufacturing Milestone #4, pre-production builds for final engineering validation and certification, now referred to as production-intent vehicles. Received dealer and distributor license from the State of California, for online national sales. Signed the lease for FF’s flagship store in Beverly Hills, California, and confirmed the design firm for the store. The initial term of the lease shall be 126 months, with two five-year tenant extension options. In addition, FF announced the active search for a second flagship store in the U.S. Appointed Susan Swenson as Executive Chairperson and Jordan Vogel as Lead Independent Director of the Board of Directors. FF’s Board of Directors consists of nine directors, five of whom are independent under applicable rules. Announced that Mathias Hofmann became the new Head of Global Supply Chain after the retirement of Benedikt Hartmann effective February 25, 2022. Mathias comes to FF after a nearly 30-year career with BMW, where he served as a Vice President with global responsibilities in purchasing and plant management. He has worked on four continents, including China, and was most recently Plant Director in Brazil. He has extensive experience in both plant operations and direct and indirect purchasing. Appointed Becky Roof as Interim Chief Financial Officer (CFO) and engaged an affiliate of AlixPartners to accelerate the implementation of Special Committee recommendations including, but not limited to financial controls and material weakness remediation. Ms. Roof is a seasoned financial executive who has served in an interim CFO capacity at numerous public and private companies. Announced 401 preorders as of March 31, 2022. Preorders are fully refundable, non-binding, paid deposits for the FF 91 Futurist Alliance Edition and/or the FF 91 Futurist vehicles available initially for sale to customers in the US and China. FF 91 Futurist Alliance Edition preorders require a $5,000 deposit for customers in the US and an RMB 50,000 deposit for customers in China. FF 91 Futurist preorders require a $1,500 deposit for customers in the US and an RMB 20,000 deposit for customers in China. RESULTS FOR THIRD QUARTER 2021 Operating expenses for the third quarter ended September 30, 2021, were $186 million compared to $18 million for the three months ended September 30, 2020. The increase is primarily due to an acceleration of costs to bring the Hanford manufacturing facility to full commercial production. Net loss was $304 million for the third quarter ended September 30, 2021, compared to a net loss of $33 million in the prior-year period. The increase in net loss is attributable to the significant increase in operating expenses, the loss relating to fair value measurement of related party notes payable, notes payable which the Company elected to account for using the fair value option, warrant liabilities, as well as loss on settlement of related party notes payable, notes payable, and vendor payables in trust. Cash and cash equivalents were $666 million as of September 30, 2021. The cash balance as of March 31, 2022 was $276 million, which includes the repayment of a $97 million note and accrued interest on schedule. EARNINGS CONFERENCE CALL The Company plans to host a conference call open to investors after it files its Q1 2022 results in mid-May. Customers can preorder an FF 91 now at: https://www.ff.com/us/preorder. ABOUT FARADAY FUTURE Faraday Future is a class-defining luxury electric vehicle company. The Company has pioneered numerous innovations relating to its products, technology, business model, and user ecosystem since its inception in 2014. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet, and new usership models. Faraday Future’s first flagship product is the FF 91 Futurist. FOLLOW FARADAY FUTURE: https://www.ff.com/ https://twitter.com/FaradayFuture https://www.facebook.com/faradayfuture/ https://www.instagram.com/faradayfuture/ www.linkedin.com/company/faradayfuture NO OFFER OR SOLICITATION This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. FORWARD LOOKING STATEMENTS This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, and include (among others) statements regarding the expected timing of the launch of FF 91 and FF 81 vehicles and anticipated production capacity of the Company’s Hanford, California facility. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation; the Company’s ability to satisfy the terms of the Nasdaq exception and to file Form 10-K by May 16, 2022 and its ability to regain compliance with the Nasdaq continued listing standards; the implementation of the Special Committee’s actions and related internal review by the Company; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; the ability of the Company to attract and retain employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s registration statement on Form S-1 (File No. 333-258993) filed with the SEC on October 4, 2021, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Faraday Future Intelligent Electric Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Operating expenses Research and development $ 79,757 $ 3,520 $ 94,506 $ 14,704 Sales and marketing 6,832 221 11,099 1,691 General and administrative 36,725 13,806 64,148 32,538 Loss on disposal of property and equipment 62,342 — 62,987 — Total operating expenses 185,656 17,547 232,740 48,933 Loss from operations (185,656 ) (17,547 ) (232,740 ) (48,933 ) Change in fair value measurements (22,747 ) 1,394 (60,394 ) 10,056 Interest expense (296 ) (8,505 ) (26,550 ) (22,955 ) Related party interest expense (1,597 ) (7,030 ) (15,765 ) (24,902 ) Other income (expense), net 1,117 (2,260 ) (718 ) (2,697 ) (Loss)/gain on settlement of related party notes payable, notes payable and vendor payables in trust, net (94,727 ) 609 (96,036 ) 295 Loss before income taxes (303,906 ) (33,339 ) (432,203 ) (89,136 ) Income tax provision — — (3 ) — Net loss $ (303,906 ) $ (33,339 ) $ (432,206 ) $ (89,136 ) Per share information: Net loss per Common Stock – Class A and Class B – basic and diluted $ (1.06 ) $ (0.21 ) $ (2.12 ) $ (0.57 ) Weighted average Common Stock outstanding – Class A and Class B – basic and diluted 287,951,929 157,060,201 203,686,758 157,055,242 Total comprehensive loss: Net loss $ (303,906 ) $ (33,339 ) $ (432,206 ) $ (89,136 ) Change in foreign currency translation adjustment 189 (3,169 ) (487 ) (1,392 ) Total comprehensive loss $ (303,717 ) $ (36,508 ) $ (432,693 ) $ (90,528 ) Faraday Future Intelligent Electric Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited) September 30, 2021 December 31, 2020 Assets Current assets Cash and cash equivalents $ 666,061 $ 1,124 Restricted cash 25,083 703 Deposits 50,221 6,412 Other current assets 13,246 6,200 Total current assets 754,611 14,439 Property and equipment, net 261,562 293,933 Other non-current assets 7,287 8,010 Total assets $ 1,023,460 $ 316,382 Liabilities and stockholders’ equity (deficit) Current liabilities Accounts payable $ 36,180 $ 86,601 Accrued expenses and other current liabilities 47,343 52,382 Related party accrued interest 10,140 82,260 Accrued interest 5,062 36,030 Related party notes payable 13,463 332,355 Notes payable, current portion 103,505 149,199 Obligation to issue registered shares of Class A Common Stock 22,511 — Vendor payables in trust — 110,224 Total current liabilities 238,204 849,051 Capital leases, less current portion 35,988 36,501 Other liabilities, less current portion 4,129 1,000 Notes payable, less current portion 99,618 9,168 Total liabilities 377,939 895,720 Commitments and contingencies Stockholders’ equity (deficit) Class A Common Stock, $0.0001 par value; 750,000,000 shares authorized; 134,795,128 and 93,099,596 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 13 9 Class B Common Stock, $0.0001 par value; 75,000,000 shares authorized; no shares and 64,000,588 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively — 6 Additional paid-in capital 3,475,314 1,817,760 Accumulated other comprehensive loss (6,461 ) (5,974 ) Accumulated deficit (2,823,345 ) (2,391,139 ) Total stockholders’ equity (deficit) 645,521 (579,338 ) Total liabilities and stockholders’ equity (deficit) $ 1,023,460 $ 316,382 Faraday Future Intelligent Electric Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Cash flows from operating activities Net loss $ (432,206 ) $ (89,136 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization expense 4,268 3,046 Stock-based compensation 8,521 7,066 Vesting of restricted stock awards for employee bonus 14,620 — Loss on disposal of property and equipment 62,987 — Change in fair value measurements 60,394 (10,056 ) Loss on cancellation of lease — 206 (Gain)/loss on foreign exchange (1,823 ) 3,234 Gain on write-off of accounts payable and loss on write-off of vendor deposits, net (4,191 ) — Non-cash interest expense 36,478 47,920 Loss/(gain) on settlement of related party notes payable, notes payable and vendor payables in trust, net 96,036 (295 ) Gain on forgiveness of vendor payables in trust (1,731 ) — Reserve for unrecoverable value added taxes 6,404 — Changes in operating assets and liabilities Deposits (35,796 ) (7,075 ) Other current assets (15,260 ) 1,984 Other non-current assets (3,186 ) (45 ) Accounts payable (40,434 ) 11,713 Accrued expenses and other current liabilities 5,874 4,041 Transfers between vendor payables in trust and accounts payable 1,167 (134 ) Net cash used in operating activities (237,878 ) (27,531 ) Cash flows from investing activities Proceeds from payments of notes receivables — 3,600 Payments for property and equipment (37,264 ) (589 ) Net cash (used in) provided by investing activities (37,264 ) 3,011 Cash flows from financing activities Proceeds from issuance of Class A Common Stock in the Business Combination 229,583 — Proceeds from issuance of Class A Common Stock pursuant to the PIPE Financing 761,400 — Transaction costs paid in connection with the Business Combination (23,148 ) — Transaction costs paid in connection with the PIPE Financing (61,130 ) — Proceeds from related party notes payable 200 10,132 Proceeds from notes payable, net of original issuance discount 172,031 25,621 Payments of related party notes payable (38,217 ) (1,000 ) Payments of notes payable, including liquidation premium (48,210 ) — Payments of notes payable issuance costs (3,355 ) (2,554 ) Payments of vendor payables in trust (27,722 ) (2,231 ) Payments of capital lease obligations (2,691 ) (1,806 ) Transfers between vendor payables in trust and accounts payable (1,167 ) 134 Proceeds from exercise of stock options 10,492 31 Payments of stock issuance costs (1,071 ) — Net cash provided by financing activities 966,995 28,327 Effect of exchange rate changes on cash and cash equivalents and restricted cash (2,536 ) (784 ) Net increase in cash and cash equivalents and restricted cash 689,317 3,023 Cash and cash equivalents and restricted cash, beginning of period 1,827 3,354 Cash and cash equivalents and restricted cash, end of period $ 691,144 $ 6,377 Faraday Future Intelligent Electric Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that aggregate to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows: Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 Cash and cash equivalents $ 1,124 $ 2,221 Restricted cash 703 1,133 Total cash and restricted cash, beginning of period $ 1,827 $ 3,354 Cash and cash equivalents $ 666,061 $ 5,664 Restricted cash 25,083 713 Total cash, cash equivalents and restricted cash, end of period $ 691,144 $ 6,377 Supplemental disclosure of noncash investing and financing activities Conversion of related party notes payable and related party accrued interest into Class A Common Stock $ 294,796 $ — Conversion of notes payable and accrued interest into Class A Common Stock 98,375 — Issuance of warrants 17,596 490 Conversion of assumed convertible and promissory notes payable into Class A Common Stock and Private Warrants 1,080 — Conversion of The9 Conditional Obligation into Class A Common Stock 2,863 — Acquisitions of property and equipment included in accounts payable 270 491 Conversion of related party customer deposit to related party notes payable — 11,635 Supplemental disclosure of noncash investing and financing activities related to the Business Combination Exchange of Legacy FF redeemable preference stock for a commitment to issue Class A Common Stock $ 859,182 $ — Exchange of Legacy FF convertible preferred stock for a commitment to issue Class B Common Stock 697,611 — Settlement of notes payable and accrued interest for a commitment to issue Class A Common Stock 68,541 — Settlement of related party notes payable and related party accrued interest for a commitment to issue Class A Common Stock 69,218 — Settlement of vendor payables in trust for a commitment to issue Class A Common Stock 96,186 — Settlement of accounts payable for a commitment to issue Class A Common Stock 2,879 — Reclassification of deferred transaction costs paid in prior periods against the proceeds received in the Business Combination 7,865 — Supplemental disclosure of cash flow information Cash paid for interest $ 5,837 $ 63
businesswire.com
- 2 years ago
頂尖投資人法律顧問ROSEN鼓勵損失超過10萬美元的法拉第未來智慧電氣公司（前稱Property Solutions Acquisition Corp.）投資人在FFIE證券集體訴訟的重要截止日期前聘請律師
紐約--(BUSINESS WIRE)--(美國商業資訊)--原因：全球投資人權益法律事務所Rosen Law Firm提醒在2021年1月28日至2021年11月15日期間（含上述日期，簡稱「集體訴訟期」）購買法拉第未來智慧電氣公司（Faraday Future Intelligent Electric, Inc.，前稱Property Solutions Acquisition Corp.）(NASDAQ: FFIE, FFIEW, PSAC, PSACW, PSACU)證券的人士牢記，原告代表的截止日期為2022年2月22日。 這意味著什麼：在集體訴訟期購買了法拉第未來證券的人士，可能有機會透過勝訴分成安排而獲得賠償，無需支付任何自付費用或成本。 接下來該如何做：如欲加入法拉第未來集體訴訟，請造訪http://www.rosenlegal.com/cases-register-2206.html、致電免費電話866-767-3653，或者寄送電子郵件至pkim@rosenlegal.com或cases@rosenlegal.com，與Phillip Kim律師連絡，瞭解有關集體訴訟的更多資訊。法律事務所已經提起了集體訴訟案。如果您希望擔任原告代表，則必須在2022年2月22日之前向法院提出申請。原告代表是代表其他集體成員主導訴訟的代表方。 為什麼選擇ROSEN LAW：我們鼓勵投資人選擇合格且在擔任領導職務方面有成功可查記錄的律師。通常，發佈通知的法律事務所並無可相比的經驗、資源或任何有意義的同儕認可。諸多此類法律事務所實際上並未提起證券集體訴訟。請務必明智選擇法律顧問。Rosen Law Firm在全球為投資人提供服務，專注於證券集體訴訟和股東派生訴訟。Rosen Law Firm曾針對一家中國公司發起了迄今規模最大的證券集體訴訟，並成功達成和解。2017年，Rosen Law Firm曾因其證券集體訴訟和解數量，而被ISS Securities Class Action Services評選為排名第一的法律事務所。自2013年以來，Rosen Law Firm每年都進入該排行榜的前四名，而且已為投資人追回數億美元的資金。事務所僅在2019年便為投資人追回了超過4.38億美元的資金。2020年，創始合夥人Laurence Rosen被law360評選為「最佳原告律師」(Titan of Plaintiffs’ Bar)。事務所的眾多律師都得到Lawdragon和Super Lawyers的表揚。 案件詳情：本訴訟認為，被告在整個集體訴訟期間做出虛假和/或誤導性聲明，以及/或者未能揭露：(1)法拉第未來在中國的資產被法院凍結；(2)法拉第未來從其未來產品交付中獲得的定金，很大比例來自一家未揭露的關聯公司；(3)法拉第未來的汽車並非如該公司宣稱的那樣接近生產階段；(4)由於之前發佈的陳述具有誤導性和/或不正確，法拉第未來無法及時遞交季度報告；以及(5)由於上述原因，被告關於法拉第未來的業務、經營和前景的正面陳述具有重大誤導性和/或缺乏合理依據。訴訟稱，當市場瞭解真實資訊之後，投資人便蒙受了損失。 如欲加入法拉第未來集體訴訟，請造訪http://www.rosenlegal.com/cases-register-2206.html、致電免費電話866-767-3653，或者寄送電子郵件至pkim@rosenlegal.com或cases@rosenlegal.com，與Phillip Kim律師連絡，瞭解有關集體訴訟的更多資訊。 上述訴訟的集體尚未得到認證。在此之前，除受聘之外，律師將不會為個人提供法律服務。個人可自行選擇聘請律師，也可以作為缺席集體訴訟成員，且目前無需採取任何行動。投資人在未來任何可能的賠償中的分成金額與其是否為原告代表無關。 敬請在LinkedIn：https://www.linkedin.com/company/the-rosen-law-firm、Twitter：https://twitter.com/rosen_firm或Facebook：https://www.facebook.com/rosenlawfirm/關注我們，瞭解最新情況。 律師廣告。先前的結果並不保證可獲致類似結果。 免責聲明：本公告之原文版本乃官方授權版本。譯文僅供方便瞭解之用，煩請參照原文，原文版本乃唯一具法律效力之版本。
businesswire.com
- 2 years ago
顶尖投资者法律顾问ROSEN鼓励损失超过10万美元的法拉第未来智能电气公司（前称Property Solutions Acquisition Corp.）投资者在FFIE证券集体诉讼的重要截止日期前聘请律师
纽约--(BUSINESS WIRE)--(美国商业资讯)--原因：全球投资者权益律师事务所Rosen Law Firm提醒在2021年1月28日至2021年11月15日期间（含上述日期，简称“集体诉讼期”）购买法拉第未来智能电气公司（Faraday Future Intelligent Electric, Inc.，前称Property Solutions Acquisition Corp.）(NASDAQ: FFIE, FFIEW, PSAC, PSACW, PSACU)证券的人士牢记，首席原告的截止日期为2022年2月22日。 这意味着什么：在集体诉讼期购买了法拉第未来证券的人士，可以通过风险代理费安排，有机会无需支付任何自付费用和花销而获得赔偿。 接下来该如何做：如需加入法拉第未来集体诉讼，请访问http://www.rosenlegal.com/cases-register-2206.html、拨打免费电话866-767-3653或者发送电子邮件至pkim@rosenlegal.com或cases@rosenlegal.com联系Phillip Kim律师，了解有关集体诉讼的更多信息。律所已经提起了集体诉讼案。如果您希望担任首席原告，则必须在2022年2月22日之前向法院提出申请。首席原告是代表其他集体成员主导诉讼的代表方。 为什么选择ROSEN LAW：我们鼓励投资者选择有资质且在担任领导职务方面有着成功可查记录的律师。通常，发布通知的律所并无可相比的经验、资源或任何严谨的同行认可。诸多此类律所实际上并未提起证券集体诉讼。请务必明智选择法律顾问。Rosen Law Firm在全球范围内为投资者提供服务，专注于证券集体诉讼和股东派生诉讼。Rosen Law Firm曾针对一家中国公司发起了迄今规模最大的证券集体诉讼，并成功达成了和解。Rosen Law Firm曾因其证券集体诉讼和解数量，于2017年被ISS Securities Class Action Services评选为排名第一的律所。自2013年以来，Rosen Law Firm每年都进入了该榜单的前四强，而且为投资者追回了数亿美元的资金。律所仅在2019年便为投资者追回了超过4.38亿美元的资金。2020年，创始合伙人Laurence Rosen被law360评选为“最佳原告律师”(Titan of Plaintiffs’ Bar)。律所的众多律师都得到了Lawdragon和Super Lawyers的表彰。 案件详情：本诉讼认为，被告在整个集体诉讼期间做出了虚假和/或误导声明，以及/或者未能披露：(1)法拉第未来在中国的资产被法院冻结；(2)法拉第未来从其未来产品交付中获得的定金，很大比例来自一家未披露的关联公司；(3)法拉第未来的汽车并非如该公司宣称的那样接近生产阶段；(4)由于之前发布的陈述具有误导性和/或不准确，法拉第未来无法及时提交季度报告；以及(5)由于上述原因，被告关于法拉第未来的业务、经营和前景的积极陈述具有重大误导性和/或缺乏合理依据。诉讼称，当市场了解真实信息之后，投资者便蒙受了损失。 如需加入法拉第未来集体诉讼，请访问http://www.rosenlegal.com/cases-register-2206.html、拨打免费电话866-767-3653或者发送电子邮件至pkim@rosenlegal.com或cases@rosenlegal.com联系Phillip Kim律师，了解有关集体诉讼的更多信息。 上述诉讼的集体尚未得到认证。在此之前，除受聘之外，律师将不会为个人提供法律服务。个人可自行选择聘请律师，也可以作为缺席集体诉讼成员，且目前无需采取任何行动。投资者在未来任何可能的赔偿中的分成金额大小与其是否作为首席原告无关。 敬请通过LinkedIn：https://www.linkedin.com/company/the-rosen-law-firm、Twitter：https://twitter.com/rosen_firm或Facebook：https://www.facebook.com/rosenlawfirm/关注我们，了解最新情况。 律师广告。先前的结果并不保证可实现类似结果。 免责声明：本公告之原文版本乃官方授权版本。译文仅供方便了解之用，烦请参照原文，原文版本乃唯一具法律效力之版本。
businesswire.com
- 2 years ago
DEADLINE: Investors in Faraday Future Intelligent Electric Inc. f/k/a Property Solutions Acquisition Corp. with Significant Losses Have Opportunity to Lead Class Action Lawsuit - FFIE; FFIEW; PSAC; PSACW
SAN DIEGO--(BUSINESS WIRE)--The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Faraday Future Intelligent Electric Inc. f/k/a Property Solutions Acquisition Corp. (NASDAQ: FFIE; FFIEW) securities between January 28, 2021 and November 15, 2021, both dates inclusive (the “Class Period”) have until February 22, 2022 to seek appointment as lead plaintiff in Zhou v. Faraday Future Intelligent Electric Inc. f/k/a Property Solutions Acquisition Corp., No. 21-cv-09914. Commenced on December 23, 2021 in the Central District of California, the Faraday Future class action lawsuit charges Faraday Future and certain of Faraday Future and Property Solutions Acquisition Corp.’s (“PSAC”) top executives with violations of the Securities Exchange Act of 1934. If you suffered substantial losses and wish to serve as lead plaintiff of the Faraday Future class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Faraday Future class action lawsuit must be filed with the court no later than February 22, 2022. CASE ALLEGATIONS: Faraday Future claims it designs and engineers next-generation smart electric connected vehicles. PSAC was a special purpose acquisition company (known as a “SPAC” or “blank-check company”) formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. On January 28, 2021, PSAC and FF Intelligent Mobility Global Holdings Ltd. announced that they had entered into a definitive agreement for a business combination, and that the combined company would be renamed Faraday Future. On July 21, 2021, Faraday Future announced that it had completed the business combination and that its common stock and warrants would commence trading on the NASDAQ on July 22, 2021 under the ticker symbols FFIE and FFIEW, respectively. The Faraday Future class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Faraday Future had assets in China frozen by courts; (ii) a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; (iii) Faraday Future’s cars were not as close to production as Faraday Future claimed; (iv) as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and (v) consequently, defendants’ positive statements about Faraday Future’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. 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, Faraday Future 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 a car was ready for production. On this news, Faraday Future’s share price fell. Then, 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 Research report. On this news, Faraday Future’s share price fell once more, further damaging investors. Robbins Geller Rudman & Dowd LLP has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena. THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Faraday Future securities during the Class Period to seek appointment as lead plaintiff in the Faraday Future class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Faraday Future class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Faraday Future class action lawsuit. An investor’s ability to share in any potential future recovery of the Faraday Future class action lawsuit is not dependent upon serving as lead plaintiff. ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information. Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices.
businesswire.com
- 2 years ago
Faraday Future Welcomes New Hanford, California Mayor Diane Sharp to its Local Production Facility Where it Will Build the New Ultimate Intelligent Techluxury FF 91 EV
LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“FF”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, recently welcomed newly elected Hanford Mayor Diane Sharp to its production facility in the Central Valley of California to share current and future progress updates leading into the launch of the FF 91 in summer 2022. Sharp was hosted by John Lehn, Director of Government Affairs at FF. “Hosting Mayor Diane Sharp at our facility was a great honor, especially with the launch of the FF 91 this summer,” said Matt Tall, Vice President of Manufacturing at Faraday Future. “We are working to make the city of Hanford proud to have FF here and look forward to welcoming our city officials back to our plant on a regular basis.” During the tour of the plant, Sharp received an introductory walk-through of the plant and learned of details surrounding upcoming milestones in the manufacturing process for the ultimate intelligent techluxury FF 91 EV. The Hanford facility will use cutting-edge technology and the ability to personalize the vehicle, setting FF apart from traditional OEM mass production. “It is great to see so many people at Faraday Future’s Hanford plant working to bring the plant to full production,” said Mayor Sharp. “Faraday Future is an exciting company. I am thrilled with the investment that is being made in our community, and am honored to have been invited to tour their very impressive facility.” The FF 91 Futurist Alliance Edition and FF 91 Futurist models represent the next generation of intelligent techluxury EVs. They are high-performance EVs, all-in-one all-ability cars, and ultimate robotic vehicles that allow users to experience a third internet living space beyond their home and office. The models encompass extreme technology, an ultimate user experience and a complete ecosystem. Users can reserve an FF 91 Futurist model now via the FF intelligent APP or FF.com at: https://www.ff.com/us/reserve ABOUT FARADAY FUTURE Established in May 2014, Faraday Future is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, Faraday Future has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, Faraday Future was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. The “I” in FFIE stands for Intelligent and Internet and the “E” stands for Ecosystem and Electric. FF is not just an EV company, but also an internet and technology company, an AI product company, a software company, and a user ecosystem company. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, Faraday Future’s first flagship product FF 91 Futurist is equipped with exceptional product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space. FOLLOW FARADAY FUTURE: https://www.ff.com/ http://appdownload.ff.com https://twitter.com/FaradayFuture https://www.facebook.com/faradayfuture/ https://www.instagram.com/faradayfuture/ www.linkedin.com/company/faradayfuture NO OFFER OR SOLICITATION This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. FORWARD LOOKING STATEMENTS This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Faraday Future’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the outcome of the Special Committee review; Faraday Future’s ability to regain compliance with the Nasdaq continued listing standards; Faraday Future’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; Faraday Future’s estimates of the size of the markets for its vehicles and costs to bring its vehicles to market; the rate and degree of market acceptance of Faraday Future’s vehicles; the success of other competing manufacturers; the performance and security of Faraday Future’s vehicles; potential litigation involving Faraday Future; the result of future financing efforts and general economic and market conditions impacting demand for Faraday Future’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 recently filed by Faraday Future and other documents filed by Faraday Future from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Faraday Future does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
businesswire.com
- 2 years ago
Faraday Future Intelligent Electric Inc. – NASDAQ Grants 15-Day Filing Extension
GARDENA, Calif.--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (“Faraday Future” or the “Company”) (NASDAQ: FFIE), a California-based global shared intelligent electric mobility ecosystem company, has requested and received a 15-day extension to file its compliance plan with NASDAQ. The Company now has until February 1, 2022 to file its compliance plan. On November 17, 2021, Faraday Future received a notification from NASDAQ, as anticipated, notifying the Company that the delay in the filing of its third quarter 2021 Form 10-Q caused the Company to be out of compliance with NASDAQ listing requirements. NASDAQ advised that the Company would be permitted 60 calendar days to submit a compliance plan with NASDAQ under Listing Rule 5250(c)(1), and that the NASDAQ staff could, at its discretion, grant an exception up to 180 days from the due date of the Q3 Form 10-Q (May 16, 2022), to regain compliance. The Company previously filed a Form 12b-25 with the Securities and Exchange Commission on November 15, 2021 disclosing that the filing of its third quarter 2021 10-Q would be delayed as a result of an internal review. The Company’s board of directors formed a special committee of independent directors (the “Special Committee”) to investigate allegations of inaccurate disclosures, including claims contained in a report issued by an investor with a history of seeking to drive down public companies’ stock prices for its own benefit. The Special Committee has engaged outside counsel to conduct an independent review of such allegations. The review is ongoing, and the Special Committee continues to work diligently with outside counsel and advisors to complete the review as soon as possible. Faraday Future is working diligently toward the goal of being in a position to file the Q3 Form 10-Q, as well as its Form 8-K with the Company’s third quarter 2021 earnings release and its amended Registration Statement on Form S-1 as soon as possible following the conclusion of the Special Committee investigation. Upon the Company’s filing of its Q3 Form 10-Q, the Company will again become compliant with NASDAQ Listing Rule 5250(c)(1) if NASDAQ approves the Company’s compliance plan. ABOUT FARADAY FUTURE Established in May 2014, Faraday Future is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. Since its inception, Faraday Future has implemented numerous innovations relating to its products, technology, business model, profit model, user ecosystem, and governance structure. On July 22, 2021, Faraday Future was listed on NASDAQ with the new company name “Faraday Future Intelligent Electric Inc.”, and the ticker symbols “FFIE” for its Class A common stock and “FFIEW” for its warrants. The “I” in FFIE stands for Intelligent and Internet and the “E” stands for Ecosystem and Electric. FF is not just an EV company, but also an internet and technology company, an AI product company, a software company, and a user ecosystem company. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the ultimate intelligent techluxury brand positioning, Faraday Future’s first flagship product FF 91 Futurist is equipped with exceptional product power. It is not just a high-performance EV, an all-ability car, and an ultimate robotic vehicle, but also the third internet living space. FOLLOW FARADAY FUTURE: https://www.ff.com/ https://twitter.com/FaradayFuture https://www.facebook.com/faradayfuture/ https://www.instagram.com/faradayfuture/ www.linkedin.com/company/faradayfuture NO OFFER OR SOLICITATION This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. FORWARD LOOKING STATEMENTS This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside FF’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving FF and the outcome of the investigation of FF’s special committee; and the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the preliminary registration statement on Form S-1 and Form 12b-25 recently filed by FF and other documents filed by FF from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FF does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
businesswire.com
- 2 years ago
Shareholder Alert: Robbins LLP Reminds Investors That Faraday Future Intelligent Electric Inc. (FFIE, FFIEW) Is Being Sued for Misleading Shareholders
SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP reminds investors that a shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE, FFIEW) securities between January 28, 2021 and November 15, 2021 for violations of the Securities Exchange Act of 1934. Faraday Future designs and engineers next-generation smart electric connected vehicles. If you suffered a loss due to Faraday Future Intelligent Electric Inc.'s misconduct, click here. Faraday Future Intelligent Electric Inc. (FFIE, FFIEW) Misled Shareholders Regarding its Ability to Deliver Vehicles According to the complaint, on July 21, 2021, PSAC, a special purpose acquisition company, and Faraday Future completed a business combination, and on July 22, 2021, Faraday Future began trading under FFIE and FFIEW. On October 7, 2021, J Capital Research published a report alleging 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." On this news, the Company's share price fell more than 4%, to close at $8.05 per share on October 8, 2021. Then, on November 15, 2021, Faraday Future announced it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time. The Company announced its board of directors had "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 approximately 3%, to close at $8.83 per share on November 16, 2021. If you purchased shares of Faraday Future Intelligence Electric Inc. (FFIE, FFIEW) between January 28, 2021 and November 15, 2021, you have until February 22, 2022, to ask the court to appoint you lead plaintiff for the class. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. Contact us to learn more: Aaron Dumas (800) 350-6003 adumas@robbinsllp.com Shareholder Information Form About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Faraday Future Intelligent Electric Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome.
businesswire.com
- 2 years ago
Bronstein, Gewirtz & Grossman, LLC Reminds Faraday Future Intelligent Electric Inc. (f/k/a Property Solutions Acquisition Corp.) (FFIE, FFIEW) Investors of Class Action and Lead Plaintiff Deadline: February 22, 2022
NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Faraday Future Intelligent Electric Inc. (f/k/a Property Solutions Acquisition Corp.) (“Faraday” or the “Company”) (NASDAQ: FFIE, FFIEW) on behalf of purchasers of Faraday securities between January 28, 2021 and November 15, 2021, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ffie. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had assets in China frozen by courts, (2) a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; (3) the Company's cars were not as close to production as the Company claimed; (4) as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ffie or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Faraday you have until February 22, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
businesswire.com
- 2 years ago
Bronstein, Gewirtz & Grossman, LLC Reminds Faraday Future Intelligent Electric Inc. (f/k/a Property Solutions Acquisition Corp.) (FFIE, FFIEW) Investors of Class Action and Lead Plaintiff Deadline: February 22, 2022
NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Faraday Future Intelligent Electric Inc. (f/k/a Property Solutions Acquisition Corp.) (“Faraday” or the “Company”) (NASDAQ:FFIE, FFIEW) on behalf of purchasers of Faraday securities between January 28, 2021 and November 15, 2021, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ffie. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934. The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company had assets in China frozen by courts, (2) a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; (3) the Company's cars were not as close to production as the Company claimed; (4) as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ffie or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Faraday you have until February 22, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
businesswire.com
- 2 years ago
8. Profile Summary
Faraday Future Intelligent Electric Inc. FFIEW
COUNTRY
US
INDUSTRY
Auto - Manufacturers
MARKET CAP
$ 57.7 M
Dividend Yield
0.00%
Description
Faraday Future Intelligent Electric, Inc. is an emerging growth company, which manufactures electric vehicles. The company was founded by Jia Yueting in May 2014 and is headquartered in Gardena, CA.
Contact
Gardena,
http://www.ff.com
IPO Date
None
Employees
586
Officers
Mr. Chris Chen
Head of Global Brand & Marcom Sales Team
Ms. Connie Zhao
Head of Vehicle System SW/Products Devel. & Integration
Mr. Prashant Gulati
Head of Strategy
Mr. Xuefeng Chen
Global Chief Executive Officer & Director
Mr. Matthias Aydt
Global Senior Vice President of Product Execution
Mr. Chui Tin Mok
Global Executive Vice President, Global Head of User Ecosystem & Exec. Director
Mr. Terry Wang
Head of User Ecosystem Strategy & Operations
Mr. Liu Yuchao
Senior Vice President of Supply Chain of FF China
Mr. Yueting Jia
Founder, Partner, Chief Product & User Ecosystem Officer
Ms. Yun Han
Chief Accounting Officer & Interim Chief Financial Officer