Faraday Future is in the midst of an investigation into recent allegations of financial fraud at the startup, including claims from a recent short-seller report by J Capital.
The electric vehicle startup’s board of directors has formed a “special committee of independent directors,” which has hired a law firm to perform the investigation.
ADVERTISEMENT
The EV firm purchased an abandoned Pirelli plant outside of Hanford for production on its first electric car in 2017.
J Capital had accused Faraday Future of lying about the number of reservations it had collected for its ultra-expensive electric SUV, the FF91. It also accused Faraday Future’s founder Jia Yueting of unfairly benefitting from the startup’s recent public listing, which it accomplished after merging with a special purpose acquisition company.
“Faraday Future seeks to do business in the most ethical and transparent way,” the company said in a press release. “As a new public company, the Board, as part of its review, is seeking to ensure that the Company is adhering to the highest standards of conduct.”
Tuesday, law firm Bragar Eagel & Squire, P.C. issued an alert to investors to provide claims related to investment loss tied to the report from J Capital.
Get the full story: Read more.
