Tuesday, November 16, 2021

Faraday Future Delays Quarterly Filings After Short Seller Report

In an inauspicious start as a public company, Los Angeles-based electric vehicle developer Faraday Future says it is delaying its filing of its quarterly reports for the quarter ended September 30th, 2021, due to allegations of "inaccurate disclosures". According to the company, it has formed a special committee of independent directors to review allegations of inaccurate disclosures. The company said the committee will also look into "claims made in a report issued by an investor with a history of seeking to drive down public companies’ stock prices for its own benefit." A short seller recently published a report claiming that Faraday Future has been lying about the number of reservations it has collected for its FF91 SUV, among other claims.