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EV startup Faraday Future gets SEC lawsuit for erroneous statements



(Reuters) – The US Securities and Exchange Commission has asked some members of Faraday Future Intelligent Electric Inc.’s management team as part of an investigation into false statements made to its investors, the EV startup said on Thursday.

An internal audit in February had identified some erroneous statements and the company lowered the base salaries of its CEO Carsten Breitfield and founder Jia Yueting, asking them to report to the newly appointed CEO Susan Swenson.

However, the audit of a special committee set up in November rejected claims by a card seller who called the startup “a new electric car fraud in town”, saying they were not supported by the evidence reviewed.

The startup said on Thursday that it would miss the deadline for submitting its annual report for 2021

due to delays caused by the internal investigation. It had previously delayed the submission of its quarterly report in November.

Several electric car companies that were listed on the stock exchange through acquisitions of special companies for acquisitions have been subjected to regulatory review due to problems with accounting and statements they have made.

Separately, Faraday Future said it expects operating losses to increase to about $ 186 million in the quarter ended September 30, from about $ 18 million a year earlier, mainly due to higher costs related to an increase in production in Hanford, California. the facility.


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