
Inari Medical, Inc. (NARI)
Whether directors and officers of Inari Medical, Inc. (NARI) breached their fiduciary duties to the company and its shareholders.
Investigation
12/23/2021
Initial Lawsuit
12/23/2021
Lawsuit Progression
03/07/2022
Investigation following J Capital Research’s short report alleging undisclosed expenses, unexplained cash burn, broken promises and failure to deliver a car.
10/07/2021
J Capital Research publishes a report alleging, among other things, that Faraday Future was 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.” The report also alleges that Faraday Future’s claim of 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate.
The report further alleges that contrary to representations of progress toward manufacturing made by Faraday Future in September 2021, former engineering executives did not believe that the car was ready for production.
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$8.05 | $8.4 | $-0.35 | -4.17% |
This is a class action on behalf of persons and entities that purchased or otherwise acquired Faraday Future securities between January 28, 2021 and November 15, 2021, inclusive.
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.
03/07/2022
The court issued an order appointing the lead plaintiff and lead counsel.
07/05/2022
A motion to dismiss was filed with the court.
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