| COMPANY |
Faraday Future Intelligent Electric Inc. |
| COURT |
United States District Court for the Central District of California |
| CASE NUMBER |
21-cv-09914 |
| JUDGE |
The Honorable Christina A. Snyder |
| CLASS PERIOD |
January 28, 2021 - November 15, 2021 |
| SECURITY TYPE |
Securities |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired Faraday Future Intelligent Electric Inc. (“Faraday”) (NASDAQ: FFIE; FFIEW) f/k/a Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC; PSACW) securities between January 28, 2021 and November 15, 2021, inclusive (the “Class Period”).
The complaint alleges that throughout the Class Period, the Defendants failed to disclose to investors that: (1) Faraday 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) Faraday’s cars were not as close to production as Faraday claimed; (4) as a result of previously issued statements that were misleading and/or inaccurate, Faraday could not timely file its quarterly report; and (5) as a result of the foregoing, the defendants’ positive statements about Faraday’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Current Status of Case:
The Court granted the Motion for Final Approval of Settlement at the Final Settlement Hearing on March 18, 2024. This case is closed.
The deadline to file a claim is February 12, 2024. If you have any questions or need further information about this settlement, you may go to the following website, www.faradaysettlement.com, or you can contact the claims administrator, Strategic Claims Services at 1-866-274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji,Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.