Former Directors and Officers of Faraday Future Intelligent Electric, Inc. Under Investigation for False and Misleading Statements

Schubert Jonckheer & Kolbe LLP is investigating potential claims on behalf of certain shareholders of Faraday Future Intelligent Electric, Inc. (“Faraday”) (NASDAQ: FFIE), formerly known as Property Solutions Acquisition Corp. (“PSAC”) (formerly NASDAQ: PSAC), relating to possible false and misleading statements to investors.

Faraday was formed pursuant to a merger between PSAC, a special purpose acquisition company (SPAC), and FF Intelligent Mobility Global Holdings Ltd., which took effect on July 21, 2021. Faraday focuses on the development of electric vehicles.

On November 15, 2021, Faraday revealed that it had formed a special committee of independent directors to review allegations of inaccurate disclosures by Faraday to investors, as described in a report published by J Capital Research on October 8, 2021. On February 1, 2022, Faraday announced that the special committee issued findings that Faraday made “inaccurate statements” in connection with the merger, and that statements that it had received more than 14,000 reservations for its flagship vehicle were “potentially misleading” because only “several hundred” of the reservations were in fact paid. These disclosures caused the price of Faraday stock to substantially decline and it now trades at approximately $3 per share. Faraday has disclosed that the U.S. Securities and Exchange Commission has launched a formal investigation into the matters that were the subject of the special committee investigation.

The Schubert Firm is investigating potential breaches of fiduciary duty by PSAC’s officers and directors in connection with the merger.

If you owned stock of PSAC (now FFIE) on or prior to June 21, 2021 and wish to obtain additional information about your legal rights, please complete the form below for a free legal consultation.