"The investigation into Faraday Future lasted for nearly four years, focusing on whether the EV startup made false and misleading statements during its 2021 merger with a SPAC and allegations of faked sales in 2023."
"The SEC sent multiple subpoenas to the startup, and depositions were taken from several former employees and executives in 2024 and 2025, indicating the depth of the investigation."
"In July 2025, Faraday Future revealed that the SEC had sent letters known as 'Wells Notices' to the company and multiple executives, suggesting that enforcement action was being considered."
The SEC has concluded its nearly four-year investigation into Faraday Future, which examined potential false statements made during its 2021 public merger and allegations of faked vehicle sales. Despite staff recommendations for enforcement action, the SEC initiated only four cases against publicly-traded companies in its 2025 fiscal year. The investigation involved multiple subpoenas and depositions of former employees. Faraday Future received Wells Notices indicating potential enforcement action, but it remains unclear if the company responded to these notices.
Read at TechCrunch
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