Investigation Alert: Kessler Topaz Meltzer & Check, LLP is Investigating Securities Fraud Claims on Behalf of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) Shareholders f/k/a Property Solutions Acquisition Corp. (NASDAQ: PSAC)
RADNOR, Pa., Dec. 17, 2021 (GLOBE NEWSWIRE) — The law firm of Kessler Topaz Meltzer & Check, LLP is currently investigating all potential legal claims against the Officers and Directors of Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) (“Faraday”), including violations of the federal securities laws, on behalf of Faraday Shareholders.
In July 2021, Property Solutions Acquisition Corp (NASDAQ: PSAC), a special purpose acquisition corporation, completed a merger transaction with Faraday in which Faraday was the surviving entity. Then, on October 7, 2021, J Capital Research published a short seller report on Faraday titled, “Move Over Lordstown: There’s a New EV Scam in Town.” Among other things, the report indicated that after eight years in business, Faraday 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.” Additionally, the report alleged that Faraday fabricated its claimed 14,000 deposits because 78% of those reservations were made by a single undisclosed company that is likely an affiliate.
Following this news, Faraday’s stock price fell $0.35, or 4%, to close at $8.05 per share on October 7, 2021.
If you are a former Property Solutions Acquisition Corp. (Nasdaq: PSAC) shareholder and/or a current Faraday shareholder, and would like to learn more about our investigation, please CLICK HERE to fill out our online form or contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453; toll free at (844) 887-9500; E-mail at [email protected].
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500
[email protected]
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