Faraday Future $7.5 Million Settlement: Claim Your Share Now

The recent class action settlement involving Faraday Future Intelligent Electric Inc. presents a significant opportunity for certain investors and stakeholders. This settlement addresses claims related to the acquisition of Faraday securities within a specified period and offers a financial remedy for eligible individuals.

Who Benefits?: Individuals and entities who purchased or acquired Faraday securities between January 28, 2021, and April 14, 2022, or those who held PSAC common stock eligible to vote at the July 20, 2021, special meeting.

How much can I get?: The estimated average recovery is $0.07 per damaged share before fees and expenses, with the final amount depending on individual losses and the number of claimants.

Important Dates

• Deadline to File a Claim: February 12, 2024

Eligibility Criteria for Settlement Class Members

The Settlement Class includes those who purchased or otherwise acquired Faraday securities within the designated period, or who beneficially owned and were eligible to vote PSAC Class A common stock by the specified date. The settlement aims to compensate for potential damages incurred due to the alleged misrepresentation of Faraday's financial status and prospects.

Exclusions from the Settlement Class primarily involve individuals with direct ties to the defendants, such as company officers and directors, and their immediate family members, among others. It is crucial for potential claimants to verify their eligibility and understand the specific criteria for inclusion.

Claiming Your Award

Eligible class members can claim their awards by submitting a detailed Claim Form, which requires information about their transactions in Faraday securities. The form must be postmarked by February 12, 2024, or submitted online by 11:59 p.m. EST on the same date. The official settlement website provides resources and instructions for filing a claim.

Claimants must provide documentation such as brokerage confirmation slips or statements to support their transactions. The Claims Administrator will review submissions to determine the validity and amount of each claim.

Faraday Securities and the Settlement

The settlement arises from allegations that Faraday and certain individual defendants made false and misleading statements about the company's financial health and prospects. The lawsuit claims these misrepresentations led to artificial inflation of Faraday's stock price, causing financial harm to investors when the truth was revealed.

Is Proof Required to Claim the Reward?

Yes, claimants must submit relevant transactional documentation to support their claim, such as brokerage statements or confirmation slips.

How to Claim Your Award

To claim your award, you must fill out the Claim Form with detailed transaction information and submit it along with the required documentation. Claims can be filed online at File a Claim Online.

Analysis of the Settlement Amount

The settlement amount of $7.5 million is intended to cover the claims of all eligible class members. The amount each claimant receives will depend on the total number of valid claims filed and may be adjusted based on individual losses.

The Basis for the Class Action Settlement

The settlement addresses the alleged misconduct by Faraday and certain executives in misrepresenting the company's financial status to investors. This class action settlement provides a mechanism for affected investors to seek compensation without the need for individual litigation.

If you believe you are a member of the Settlement Class and wish to participate in the settlement, it is important to act promptly and file your claim by the specified deadline. Keep an eye on the official settlement website for updates and further instructions as the settlement process moves forward.