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Faraday Future Intelligent Electric Inc.

Company NameFaraday Future Intelligent Electric Inc.
Stock SymbolFFIE

On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday is 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.” Moreover, the report alleged that Faraday’s claimed 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate.

On this news, the Company’s stock price fell $0.35, or 4%, to close at $8.05 per share on October 7, 2021, thereby injuring investors.

 

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