Lawsuits are piling up against Faraday Future as it struggles to find money [The Verge]
Arrow Electronics, Inc. (ARW)
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Source: The Verge
Lawsuits are piling up against Faraday Future as it struggles to find money In the time since EV startup Faraday Future first announced drastic layoffs and salary cuts last October, another new challenge has emerged: 11 new lawsuits filed against the company by suppliers and contractors, nearly all of them previously unreported. In total, the companies are seeking nearly $80 million in owed payments, damages, and fees from Faraday Future. The lawsuits all allege that Faraday Future stiffed these companies shortly after signing contracts with them. It’s a claim that’s been made about Faraday Future in the past, like when it reportedly owed some $100 million in unpaid bills more than $59 million In total, the lawsuits are asking nearly $80 million in damages and fees The lawsuits also come at a time when the California startup is nearly out of cash. An ugly, public fight in late 2018 with its main financial backer, Chinese real estate conglomerate Evergrande, has left Faraday Future on
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