Faraday Future (FFAI) announced the company and two of its executives, YT Jia and Jerry Wang, recently received a Wells Notice from the U.S. Securities and Exchange Commission. The notice states that the SEC staff made a preliminary determination to recommend an enforcement action, alleging violations of anti-fraud provisions of federal securities laws. The alleged violations generally pertain to purported false or misleading statements relating to related party transactions and YT Jia’s role in the company.
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