BUSINESS: FFIE CLASS ACTION NOTE: Glancy Prongay & Murray LLP Files Securitiesfraud Lawsuit Against Faraday Future Intelligent Electric, Inc. F/k/a Property Solutions Acquisition Corp.

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LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Central District of California captioned Zhou v. Faraday Future Intelligent Electric Inc., et al., (Case No. 21-cv-9914) on behalf of persons and entities that purchased or otherwise acquired Faraday Future Intelligent Electric Inc. (“Faraday” or the “Company”) (NASDAQ: FFIE) f/k/a Property Solutions Acquisition Corp. (“PSAC”) securities between January 28, 2021 and November 15, 2021, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from this notice to move the Court to serve as lead plaintiff in this action.

If you suffered a loss on your Faraday investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at or visit our website at to learn more about your rights.

On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday Future was unlikely to ever sell a car, noting that after eight years in business, the Company has “failed to deliver a car,” “has reneged on promises to build factories in five localities in the U.S. and China,” “is being sued by dozens of unpaid suppliers,” and “has failed to disclose that assets in China have been frozen by courts.” Moreover, the report alleged that Faraday Future’s claimed 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate. The report further alleges that contrary to representations of progress toward manufacturing made by Faraday Future in September 2021, former engineering executives did not believe that the car was ready for production.

The Company’s share price dropped $0. 35 per share, or more than 4%, to close at $8. 05 per share on October 8, 2021.

On November 15, 2021, Faraday Future announced that it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time. Faraday Future also announced that its board had “formed a committee of independent directors in order to review allegations of inaccurate disclosures”, including those contained in the J Capital Report.

The Company’s share price dropped $0. 28 per share, or approximately 3%, to close at $8. 83 per share on November 16, 2021. The class action complaint alleges that Defendants made misleading and materially false statements throughout the Class Period , . Specifically, the complaint alleges that Defendants failed disclose to investors: (1) that Company assets were frozen in China by courts; (2) that Faraday Future’s deposits for future deliveries were significant and that Faraday Future’s cars weren’t as close as it claimed to be; (3) that Faraday Future couldn’t timely file its quarterly reports due to misleading statements made previously; (4) that positive statements regarding Faraday Future’s business, operations and prospects were materially misleading, and/or lacked reasonable basis

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If you purchased or otherwise acquired Faraday securities during the Class Period, you may move the Court no later than 60 days from this notice to ask the Court to appoint you as lead plaintiff. You do not need to take any action in order to be a member or a class member. However, you can retain counsel of your choosing or remain an absent member by not taking any action. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to, or visit our website at Please include your postal address, telephone number, and number of shares you purchased if you contact us by email.

The press release could be considered attorney advertising in certain jurisdictions according to the applicable law and ethics rules.

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