DEADLINE: Faraday Future Intelligent Electric Inc. f/k/a Property Solutions Acquisition Corp. Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit

SAN DIEGO, December 28, 2021 / PRNewswire / – The Robbins Law Firm Geller Rudman & Dowd LLP Announces Acquisition 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, inclusive (the “Class Period”) has to February 22, 2022 Appointment as the lead plaintiff in the Zhou v. Faraday Future Intelligent Electric Inc. f / k / a Property Solutions Acquisition Corp., No. 21-cv-09914 (CD Cal.). Started on December 23, 2021, the class action lawsuit alleges Faraday Future Faraday Future and certain executives at Faraday Future and Property Solutions Acquisition Corp. (“PSAC”) for violating the Securities Exchange Act of 1934.

If you would like to serve as the lead plaintiff in the Faraday Future class action, please provide your information by clicking here. You can also contact Attorney JC Sanchez of Robbins Geller by phone at 800 / 449-4900 or by email at [email protected]. Motions by the lead plaintiff for the Faraday Future class action must be filed with the court no later than. be submitted February 22, 2022.

CASE ALLEGATION: Faraday Future claims it is developing and engineering next-generation intelligent, electrically connected vehicles. PSAC was a purpose acquisition company (known as “SPAC” or “Blankoscheckgesellschaft”) that was formed with one or more companies for the purpose of conducting a merger, exchange of capital, asset acquisition, share purchase, reorganization, or similar business combination . on January 28, 2021, PSAC and FF Intelligent Mobility Global

Holdings Ltd. announced that they have entered into a definitive business combination arrangement and that the combined company will be renamed Faraday Future. on July 21, 2021, Faraday Future announced that the business combination has completed and that its common stock and warrants will trade on the NASDAQ July 22, 2021 under the ticker symbols FFIE or FFIEW.

The Faraday Future class action alleges that, during the collection period, defendants made false and misleading statements and failed to disclose that: (i) Faraday Future assets in China frozen by dishes; (ii) a significant percentage of its deposits for future deliveries were attributable to a single unnamed affiliate; (iii) Faraday Future’s cars were not as close to production as Faraday Future claimed; (iv) Faraday Future was unable to submit its quarterly report on time due to statements previously made that were misleading and / or inaccurate; and (v) as a result, Defendants’ positive statements about the business, operations and prospects of Faraday Future have been materially misleading and / or unfounded.

on October 7, 2021, J Capital Research released a report claiming, among other things, that Faraday Future would likely never sell a car, and found that after eight years in the business, Faraday Future “didn’t deliver a car,” “failed to keep promises to build “. Factories in five locations in the US and China“,” Is being sued by dozens of unpaid suppliers “and” has failed to put these assets in China have been frozen by courts. “Additionally, the report alleged that the alleged 14,000 deposits were fabricated by Faraday Future because 78% of those reservations were made by a single undisclosed company that is likely an affiliate manufacture made by Faraday Future in September 2021, Former engineers did not believe that a car was ready for series production. As a result of this news, the Faraday Future share price fell.

Then, on November 15, 2021, Faraday Future announced that it will not be able to submit Form 10-Q for the past fiscal quarter September 30, 2021 punctual. Faraday Future also announced that its board of directors has “established a special committee of independent directors to investigate allegations of inaccuracy,” including allegations in the J Capital Research report. As a result of this news, Faraday Future’s share price fell again, causing further damage to investors.

Robbins Geller Rudman & Dowd LLP has established a special SPAC Task Force to protect investors in blank check companies and seek redress for corporate misconduct. The SPAC Task Force consists of experienced litigation attorneys, investigators and forensic accountants and is dedicated to detecting and prosecuting fraud on behalf of aggrieved SPAC investors. The rise in blank check funding poses unique risks for investors. Robbins Geller’s SPAC Task Force is the vanguard in ensuring integrity, honesty and equity in this rapidly evolving area of ​​investment.

LEAD ACTION: The Private Securities Litigation Reform Act of 1995 allows any investor who has purchased Faraday Future securities during the class action period to seek appointment as the lead plaintiff in the Faraday Future class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. One lead plaintiff is acting on behalf of all of the other class plaintiffs in directing the Faraday Future class action. The lead plaintiff can choose a law firm of their choice to bring the Faraday Future class action lawsuit. An investor’s ability to participate in a possible future collection of the Faraday Future class action lawsuit does not depend on whether they are the lead plaintiff.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have achieved many of the largest shareholder reclaims in history, including the largest stock class recovery reclaim of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. ISS Securities Class Action Services 2020 Top 50 report ranked Robbins Geller # 1 in recovery $ 1.6 billion for investors in the past year, more than double the amount recovered from all other securities plaintiffs. More information is available at http://www.rgrdlaw.com.

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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
JC Sanchez, 800-449-4900
[email protected]

SOURCE Robbins Geller Rudman & Dowd LLP

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