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Faraday Future launches investigation into financial fraud allegations

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Faraday Future launches investigation into financial fraud allegations

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.

“Faraday Future seeks to do business in the most ethical and transparent way,” the company said in a press release. “As a new public company, the Board, as part of its review, is seeking to ensure that the Company is adhering to the highest standards of conduct.”

The startup revealed the investigation Monday in a filing with the Securities and Exchange Commission. Faraday Future alerted the agency that it was not able to file its full financial results for the third quarter of 2021 on time due to the investigation. The startup did share that it lost $280 million in the third quarter, though, and reaffirmed its goal to deliver the first FF91s in July 2022.

“The investigation is ongoing, and the Special Committee continues to work diligently with outside counsel and advisors to complete the investigation as soon as possible,” Faraday Future wrote in the filing. “The Company cannot predict the duration of the investigation, eventual scope, its outcome, or its impact on the Company’s financial results.”

The startup did not name the independent directors on the committee, or the outside law firm.

Faraday Future is the latest EV startup to face allegations of financial fraud by a research firm with a short position — meaning the firm stands to make money if the startup’s stock price falls. Hindenburg Research released reports on Nikola and Lordstown Motors, and both of those startups wound up facing government investigations. (Nikola’s founder and former CEO was indicted as a result.) EV startup Workhorse is also under investigation after a short-seller report was published accusing it of fraud.

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Pick up this RTX 3070 Alienware laptop at a staggering $530 off

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Pick up this RTX 3070 Alienware laptop at a staggering $530 off

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Michael is a former graphic designer who’s been building and tweaking desktop computers for longer than he cares to admit. His interests include folk music, football, science fiction, and salsa verde, in no particular order.

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As PCWorld’s senior editor, Mark focuses on Microsoft news and chip technology, among other beats. He has formerly written for PCMag, BYTE, Slashdot, eWEEK, and ReadWrite.

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Arturia’s V Collection instruments now have native M1 Mac support

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Arturia’s V Collection instruments now have native M1 Mac support

It’s now that much easier to use Arturia’s softsynths on your brand new MacBook. Arturia has released a free V Collection 8.2 update that adds native support to the (currently discounted) suite for Macs with M1 processors. That should improve performance, as you might guess, but it could also help with battery life if you need to play unplugged.

Other speed updates are in store. The update boosts the performance of 4K interfaces through a new framework, and presets from the V Collection factory libraries now load up to twice as quickly. You’ll also find ODDSound MTS-ESP microtuning compatibility for the Clavinet V, DX7 V, Piano V and Stage-73 V.

This might be an important update if you use softsynths for music-making. Arturia has a reputation for virtual instruments that are both meticulous and relatively accessible. This both makes V Collection more viable on M1 Macs and gives you more incentive to rely on digital synths instead of hunting down their costlier real-world counterparts.

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