NEW YORK, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Faraday Future Intelligent Electric Inc. (“Faraday” or the “Company”) (NASDAQ: FFIE) on behalf of Faraday stockholders. Our investigation concerns whether Facebook has violated the federal securities laws and/or engaged in other unlawful business practices.
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On October 7, 2021, the veracity of Faraday’s statements concerning its claimed reservations and production capabilities 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.
On this news, Faraday’s stock price fell $0.35, or 4.16%, to close at $8.05 on October 7, 2021.
If you purchased or otherwise acquired Faraday shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.