SHAREHOLDER ALERT: Former Dire – GuruFocus.com
SAN FRANCISCO, June 6, 2022 /PRNewswire/ — Schubert Jonckheer & Kolbe LLP is investigating potential claims on behalf of certain shareholders of Faraday Future Intelligent Electric, Inc. (“Faraday”) (NASDAQ: FFIE), formerly known as Property Solutions Acquisition Corp. (“PSAC”)) (formerly NASDAQ: PSAC), regarding possible false and misleading statements to investors.
Faraday was formed as a result of a merger between PSAC, a Special Purpose Acquisition Company (SPAC), and FF Intelligent Mobility Global Holdings Ltd., which became effective on July 21, 2021. Faraday focuses on the development of electric vehicles.
On November 15, 2021Faraday revealed that he had formed a special committee of independent directors to look into allegations of inaccurate disclosures by Faraday to investors, as described in a report published by J Capital Research on October 8, 2021. On February 1, 2022, Faraday announced that the special committee had released findings that Faraday had made “inaccurate statements” in connection with the merger, and that statements that he had received more than 14,000 reservations for his flagship vehicle were “potentially misleading” because only “several hundred” of the bookings have actually been paid for. These revelations caused Faraday’s share price to drop substantially and it now trades at around $3 per share. Faraday disclosed that the United States Securities and Exchange Commission has launched a formal investigation into the matters that were the subject of the special committee’s investigation.
Schubert is investigating potential breaches of fiduciary duty by PSAC officers and directors in connection with the merger.
If you owned shares of PSAC (now FFIE) on or before June 21, 2021 and would like further information about your legal rights, please Contact us today or visit our website at https://www.classactionlawyers.com/blog/faraday.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents shareholders, employees and consumers in class actions against corporate defendants, as well as shareholders in derivative actions against their officers and directors. The company is based in San Franciscoand with the assistance of co-counsel, litigates cases nationwide.
Willem F. Jonckheer
Schubert Jonckheer & Kolbe LLP
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SOURCESchubert Jonckheer & Kolbe LLP