NEW YORK, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Faraday Future Intelligent Electric, Inc. (NASDAQ: FFIE), Instadose Pharma Corp. (OTCMKTS: INSD), KE Holdings (NYSE: BEKE), and Meta Materials, Inc. (NASDAQ: MMAT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Faraday Future Intelligent Electric, Inc. (NASDAQ: FFIE)
Class Period: January 28, 2021 – November 15, 2021
Lead Plaintiff Deadline: February 22, 2022
On October 7, 2021, J Capital Research published a report alleging, among other things, that Faraday Future was unlikely to ever sell a car, noting that after eight years in business, the Company has “failed to deliver a car,” “has reneged on promises to build factories in five localities in the U.S. and China,” “is being sued by dozens of unpaid suppliers,” and “has failed to disclose that assets in China have been frozen by courts.” Moreover, the report alleged that Faraday Future’s claimed 14,000 deposits are fabricated because 78% of these reservations were made by a single undisclosed company that is likely an affiliate. The report further alleges that contrary to representations of progress toward manufacturing made by Faraday Future in September 2021, former engineering executives did not believe that the car was ready for production.
On this news, the Company’s share price fell $0.35 per share, or more than 4%, to close at $8.05 per share on October 8, 2021.
On November 15, 2021, Faraday Future announced that it would be unable to file its Form 10-Q for the fiscal quarter ended September 30, 2021 on time. Faraday Future further announced that its board of directors “formed a special committee of independent directors to review allegations of inaccurate disclosures,” including the claims in the J Capital report.
On this news, the Company’s share price fell $0.28 per share, or approximately 3%, to close at $8.83 per share on November 16, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had assets in China frozen by courts, (2) that a significant percentage of its deposits for future deliveries were attributable to a single undisclosed affiliate; (3) that the Company’s cars were not as close to production as the Company claimed; (4) that, as a result of previously issued statements that were misleading and/or inaccurate, Faraday Future could not timely file its quarterly report; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Faraday class action go to: https://bespc.com/cases/FFIE
Instadose Pharma Corp. (OTCMKTS: INSD)
Class Period: December 8, 2020 – November 24, 2021
Lead Plaintiff Deadline: February 28, 2022
On November 23, 2021, the U.S. Securities and Exchange Commission (“SEC”) announced a temporary suspension in the trading of Instadose securities due to concerns regarding the adequacy and accuracy of information about the Company in the marketplace. The SEC specifically noted stock price and volume increases of Instadose stock unsupported by the Company’s assets and financial information, trading that may be associated with individuals related to a control person at the Company, and operations at the Company’s Canadian affiliate. On this news, the Company’s share price declined by $3.69 per share, or approximately 13%, from $28.30 per share to close at $24.61 per share on November 23, 2021, which was immediately before trading was halted.
On December 9, 2021, when the Company’s securities resumed trading, the stock price opened and closed at $2.00 per share.
For more information on the Instadose class action go to: https://bespc.com/cases/INSD
KE Holdings Inc. (NYSE: BEKE)
Class Period: August 13, 2020 – December 16, 2021
Lead Plaintiff Deadline: February 28, 2022
The action arises out of the Company’s misstatements materially overstating its store count, agent counsel, new home sales gross transaction value (“GTF”), and revenues. The complaint alleges that defendants made materially false and misleading statements and omissions, and engaged in a scheme to deceive the market. The trust began to come to light when Muddy Waters Capital LLC, a research based equity investor, revealed that KE Holdings was overstating the agents and stores on its platforms, its GTV, and its revenues, among other wrongdoing. These misstatements artificially inflated the price of KE Holdings’ ADS and operated as a fraud or deceit on the Class. When the truth was revealed, the Company’s ADS price fells substantially and has continued falling since.
For more information on the KE Holdings class action go to: https://bespc.com/cases/BEKE
Meta Materials, Inc. (NASDAQ: MMAT)
Class Period: September 21, 2020 – December 14, 2021
Lead Plaintiff Deadline: March 4, 2022
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) the business combination of Torchlight Energy Resources, Inc. and Metamaterial Inc. would result in an SEC investigation and subpoena in the matter captioned In the Matter of Torchlight Energy Resources, Inc.; (2) the Company has materially overstated its business connections and dealings; (3) the Company has materially overstated its ability to produce and commercialize its products; (4) the Company has materially overstated its products’ novelty and capabilities; (5) the Company’s products did not have the potential to be disruptive because, among other things, the Company priced its products too high; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.
On this news, Meta’s stock fell $0.18 per share, or 5.83%, to close at $2.91 per share on December 14, 2021, thereby injuring investors further.
For more information on the Meta Materials class action go to: https://bespc.com/cases/MMAT
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
