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Faraday Future launches investigation into financial fraud allegations
15
Nov
Nov
Faraday Future is launching an investigation into recent allegations of financial fraud at the startup, including claims from a recent short-seller report by J Capital. The EV startup’s board of directors has formed a “special committee of independent directors,” which has hired a law firm to perform the investigation.
J Capital had accused Faraday Future of lying about the number of reservations it had collected for its ultra-expensive electric SUV, the FF91. It also accused Faraday Future’s founder Jia Yueting of unfairly benefitting from the startup’s recent public listing, which it accomplished after merging with a special purpose acquisition company.
The startup announced the investigation Monday in a filing with the Securities and…