Faraday Future Intelligent Electric Inc.

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:

(1) that the company had assets in China frozen by courts,
(2) that a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate;
(3) that the company’s cars were not as close to production as the company claimed;
(4) that, as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and
(5) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.