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NEW YORK, Jan. 23, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that it has represented Faraday Future Intelligent Electric, Inc. (Nasdaq:Federation of Foreign Enterprises), Arrival SA (Nasdaq:ARVL), FirstCash Holdings, Inc. (NASDAQ:FCFS) and Meta Materials, Inc. (NASDAQ:MMAT). Shareholders must apply to the court to serve as lead plaintiffs by the deadlines below. More information on each case can be found in the links provided.
Faraday Future Intelligent Electric, Inc. (NASDAQ:Federation of Foreign Enterprises)
Class time: January 28, 2021 – November 15, 2021
Lead Plaintiff Deadline: February 22, 2022
On October 7, 2021, J Capital Research published a report claiming that Faraday Future is unlikely to sell cars, noting that after 8 years in business, the company has “failed to deliver cars” and “has violated its commitments in the U.S. and China. Commitment to build factories in five places”, “sued by dozens of unpaid suppliers”, “Failure to disclose assets in China has been frozen by court”. Additionally, the report said Faraday Future’s claimed 14,000 deposits were fabricated, as 78% of those bookings were made by an undisclosed company that may be affiliated. The report further claims that, contrary to the manufacturing progress Faraday Future made in September 2021, the former engineering executive does not believe the car is ready for production.
Affected by this news, the company’s stock price fell by $0.35 per share, or more than 4%, to close at $8.05 per share on October 8, 2021.
On November 15, 2021, Faraday Future announced that it would not be able to file its Form 10-Q on time for the fiscal quarter ended September 30, 2021. Faraday Future further announced that its board of directors “established a special committee of independent directors to review allegations of inaccurate disclosures,” including claims in the J Capital report.
Affected by this news, the company’s stock price fell $0.28 per share, or about 3%, to close at $8.83 per share on November 16, 2021.
The complaint filed in this class action alleges that throughout the period of the class action, the defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors that: (1) the company’s assets in China were frozen by the courts, (2) a significant portion of its future deposits were attributable to an undisclosed affiliate; (3) the company (4) Faraday Future was unable to file its quarterly report in a timely manner due to misleading and/or inaccurate statements previously issued; and prospects are materially misleading and/or lack reasonable basis.
For more information on Faraday’s class action lawsuit, please visit: https://bespc.com/cases/FFIE
Arriving in SA (Nasdaq:ARVL)
Class time: November 18th,…
The full story is available on Benzinga.com
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