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Faraday Future Sued by Major Investor Over ‘Squandered’ Billions

Sept. 19, 2022, 7:34 PM

Faraday Future Intelligent Electric Inc. was hit with litigation in Delaware on Monday over claims that its senior leaders are wrongfully fending off efforts by its largest investor to replace them for running the once-promising electric vehicle startup into the ground.

The lawsuit targets Faraday and two board members, Susan Swenson and Brian Krolicki, who allegedly lead a faction that has consolidated power since the company’s blank-check merger, wasted $1 billion in cash, squandered $4.4 billion in market value, and failed to deliver any road-ready vehicles.

The complaint in Delaware’s Chancery Court accuses them of repudiating rights held by FF ...