FFIE.US

id: 843

Faraday Future (FFIE) $7.5M Investor Settlement

C.D. California

Court

2:21-cv-09914

Case number

01/28/2021

Class period Start

04/14/2022

Class period End

02/12/2024

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

Disbursement

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

12/23/2021

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

03/18/2024

Exclusion deadline

02/26/2024

Objection deadline

02/26/2024

Hearing deadline

02/26/2024

Trades matching type

FIFO

+$7,500,000

Cash Settlement Amount