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FFIE.US
id: 843

Faraday Future (FFIE) $7.5M Investor Settlement

C.D. California
Court
2:21-cv-09914
Case number
28 Jan 2021
Class period Start
14 Apr 2022
Class period End
12 Feb 2024
Claim deadline
Faraday Future Intelligent Electric Inc. (FFIE) agreed to settle $7.5 million with investors to end claims that its leaders misled shareholders about the true value of $FFIE business before merging with a SPAC.

Those who:
  • purchased or otherwise acquired Faraday Future Intelligent Electric Inc. securities between January 28, 2021, and April 14, 2022, both dates inclusive, and/or
  • beneficially owned and/or held the Class A common stock of Property Solutions Acquisition Corp. as of June 21, 2021, and were eligible to vote at PSAC’s July 20, 2021, special meeting and were allegedly damaged thereby,
maybe entitled to payouts.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.07
Filing date
23 December 2021
Plaintiffs
Byambadorj Nomin, Hao Guojun, Peihao Wang, Shentao Ye
Attorneys
Beijing Hao Junbo Law Firm (Beijing, ), Pomerantz LLP (New York, NY), The Rosen Law Firm, P.A. (Newark, NJ), Wolf Haldenstein Adler Freeman & Herz LLP (New York, NY)
Defendants
Carsten Breitfeld, Zvi Glasman, Jordan Vogel, Aaron Feldman, Yueting Jia
Judge
Hon. Christina A. Snyder
Administrator
Strategic Claims Services
Settlement agreement date
2023-10-05
Court hearing date
18 March 2024
Exclusion deadline
26 February 2024
Objection deadline
26 February 2024
Hearing deadline
26 February 2024
Trades matching type
FIFO
+$7,500,000
Cash Settlement Amount

Faraday Future Intelligent Electric Inc

Faraday Future Intelligent Electric Inc. engages in the design, development, manufacture, engineering, sale, and distribution of electric vehicles and related products in the United States. The com...

    Ticker
    FFIE.US
    ISIN
    US3073591097
    CIK
    1805521
    Sector
    Consumer Cyclical
    Industry
    Auto Manufacturers
    Country
    USA
    Address
    18455 S Figueroa St., Gardena, CA, United States, 90248