The settlement of this federal securities fraud class action lawsuit is on behalf of investors who purchased or otherwise acquired Faraday Future Intelligent Electric Inc. (“Faraday”) (NASDAQ: FFIE; FFIEW) f/k/a Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC; PSACW) (1) securities between January 28, 2021 and April 14, 2022, inclusive (the “Class Period”); and/or (2) beneficially owned and/or held PSAC Class A common stock as of June 21, 2021 and were eligible to vote at PSAC’s July 20, 2021 special meeting.
Faraday agreed to pay $7,500,000 to resolve this class action lawsuit alleging the company and certain of its officers and/or directors violated federal securities laws by making false or misleading statements.
What’s the status of the Settlement?
On March 18, 2024, the Court granted Final Approval of the Class Action Settlement. This action has concluded.
Who can file a claim?
The settlement class includes all persons or entities who:
- Purchased or otherwise acquired Faraday securities between January 28, 2021 and April 14, 2022, inclusive; and/or
- Owned and/or held PSAC Class A common stock as of June 21, 2021 and were eligible to vote at PSAC’s July 2021 special meeting.
How much is the Settlement Payment?
Pro rata payment: The total settlement fund is $7,500,000. The amount each class member receives will depend on several factors, including:
- The number of valid claims submitted
- The number of shares purchased and sold
- The dates of purchase and sale
- The price paid for the shares and the price received upon sale
How do I file a claim?
The deadline to file a claim was February 12, 2024. To submit a claim and/or to find additional information regarding the terms of the settlement and claim filing process, go to www.faradaysettlement.com, or contact the claims administrator, Strategic Claims Services, at 1-866-274-4004.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com.