GlobeNewswire Inc | Dec 29, 2021 03:15PM EST

December 29, 2021

SAN FRANCISCO, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) investors with significant losses to submit your losses now. A securities fraud class action has been filed and certain investors may have valuable claims.

Class Period: Jan. 28, 2021 ? Nov. 15, 2021Lead Plaintiff Deadline: Feb. 22, 2022Visit: www.hbsslaw.com/investor-fraud/FFIEContact An Attorney Now: FFIE@hbsslaw.com 844-916-0895

Faraday Future Intelligent Electric Inc. (FFIE) Securities Fraud Class Action:

The action alleges that Defendants concealed material facts concerning Faradays financial health and falsely claimed that Faraday would launch its luxury electric crossover SUV the FF 91 in 2022, that it received reservations for 14,000 cars, and it was months away from mass manufacturing.

Specifically, Defendants failed to disclose that: (1) Faraday had assets in China frozen by courts; (2) a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; and (3) the Companys vehicles were not as close to production as the Company claimed.

On Oct. 7, 2021, analyst J. Capital released a scathing report entitled Move Over Lordstown: Theres a New EV Scam in Town. J. Capital concluded, based in part on interviews with former Faraday executives, that Faraday was unlikely to ever sell a car. According to J. Capital , Faraday has reneged on promises to build factories in five localities in the U.S. and China, is being sued by dozens of unpaid suppliers, has failed to disclose that assets in China have been frozen by courts, has falsely claimed to have 14,000 reservations when most were attributable to a likely Company affiliate, and the FF 91 is not ready to go into production due to unresolved engineering problems.

Shortly after J. Capitals report, Faradays CFO resigned, the Company announced that it would not timely file its quarterly financial report, and it opened an internal investigation into J. Capitals accusations.

Were focused on investors losses and proving Faraday lied about the development and demand for the FF 91, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Faraday, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Faraday should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email FFIE@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers, and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact: Reed Kathrein, 844-916-0895