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Faraday Future Announces Notice of Pendency and Proposed Settlement of Stockholder Derivative Actions
LOS ANGELES--(BUSINESS WIRE)-- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or “Company”), a California-based global
About this update from Faraday Future Intelligent Electric Inc.
[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nFaraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or “Company”), a California-based global shared intelligent electric mobility ecosystem company, has released the following notice according to THE UNITED STATES DISTRICT COURT, CENTRAL DISTRICT OF CALIFORNIA, WESTERN DIVISION:\n\n\n\nUNITED STATES DISTRICT COURT\n\n\nCENTRAL DISTRICT OF CALIFORNIA\n\n\nWESTERN DIVISION\n\n\n\n\n\n\n \n\n\n\nIN RE FARADAY FUTURE INTELLIGENT ELECTRIC INC. DERIVATIVE LITIGATION,\n\n\n\n \n\n\n\nLead Case No. 2:22-cv-01570-CAS-JC\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\nvs.\n\n\n\n\nConsolidated with\n\n\n\n\n\n \n\n\n\n\nCase No. 2:22-cv-01852-CAS-JC\n\n\n\n\n\nThis Document Relates to:\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\nEXHIBIT D\n\n\n\n\n\nALL ACTIONS,\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n\n \n\n\n\nSUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT\n\n\n\n\n\n \n\n\n\nOF STOCKHOLDER DERIVATIVE ACTIONS\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n\nTO:\n\n\n\nALL RECORD HOLDERS AND BENEFICIAL OWNERS OF FARADAY FUTURE INTELLIGENT ELECTRIC INC. (“FARADAY” OR THE “COMPANY”) COMMON STOCK AS OF JULY 19, 2024 (“CURRENT FARADAY STOCKHOLDERS”).\n\n\n\n\n\n \n\n\n\n \n\n\n\nPLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. THIS NOTICE RELATES TO A PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE OF STOCKHOLDER DERIVATIVE LITIGATION AND CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS.\n\n\n\n\n\n \n\n\n\n \n\n\n\nIF THE COURT APPROVES THE SETTLEMENT OF THE DERIVATIVE MATTERS, CURRENT FARADAY STOCKHOLDERS WILL BE FOREVER BARRED FROM CONTESTING THE APPROVAL OF THE PROPOSED SETTLEMENT AND DISMISSAL WITH PREJUDICE, AND FROM PURSUING RELEASED CLAIMS.\n\n\n\n\n\n \n\n\n\n \n\n\n\nTHIS ACTION IS NOT A “CLASS ACTION.” THUS, THERE IS NO COMMON FUND UPON WHICH YOU CAN MAKE A CLAIM FOR A MONETARY PAYMENT.\n\n\n\n\nYOU ARE HEREBY NOTIFIED that the following stockholder derivative actions (the “Derivative Actions”), are being settled on the terms set forth in a Stipulation and Agreement of Settlement dated July 19, 2024 (the “Stipulation”): (i) the above-captioned action, titled In re Faraday Future Intelligent Electric Inc. Derivative Litigation, Lead Case No. 2:22-cv-01570-CAS-JC; (ii) Wang v. Breitfeld et al., C.A. No. 1:22-cv-00525-GBW (D. Del.); (iii) Moubarak v. Breitfeld et al.,...