Faraday Shareholder Sues Over EV Startup's ‘Bitterly Divided' Board [Business News Network (BNN) (Canada)]
Faraday Future Intelligent Electric Inc. (FFIE)
Company Research
Source: Business News Network
FF Top Holding LLC, which owns about 20% of Faraday's shares but has voting rights for roughly 36%, said in a lawsuit filed Monday in Delaware Chancery Court that the startup is “suffering from a crisis of leadership at the board level.” The group is seeking the resignation or removal of two directors, including executive chair and longtime technology executive Susan Swenson. Faraday is struggling to stay afloat. The Los Angeles-based startup delayed the launch of its first electric SUV in July, and its auditor, PricewaterhouseCoppers, resigned in August. The US Securities and Exchange Commission has opened a probe into Faraday's financial statements, and the Department of Justice has asked for information as well. Faraday recently reported having just $47.2 million in cash as of Aug. 26. FF Top Holding has spent the last few months agitating to shake up the board. The investors said a shareholder agreement made with the company just before it began trading gives them the right t
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FFIE
Sec Filings
- 4/24/24 - Form 8-K
- 4/15/24 - Form 8-K
- 4/2/24 - Form NT
- FFIE's page on the SEC website