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EV startup Faraday Future receives SEC subpoena -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO Faraday Future’s luxury electric vehicle FF91 can be seen in the company’s Gardena headquarters, California on November 21st 2019. REUTERS/Lucy Nicholson

(Reuters) – Faraday Future Intelligent Electric Inc, an electric-vehicle startup, announced on Thursday that some of its employees had been subpoenaed by the U.S Securities and Exchange Commission (SEC).

This notice indicated that the SEC was initiating a formal investigation into an internal company review which had revealed certain incorrect statements by employees.

Faraday Future delayed its November quarterly report filing and announced that it had established a committee to examine allegations of incorrect disclosures. This included claims by a short-seller who called the startup “a brand new EV fraud in town”.

On Thursday, the startup announced that the U.S. Securities regulator would not allow it to file its annual report for 2021 by the due date because of delays in the internal investigation.

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