Faraday Future is revamping its board, cutting the pay of two top executives and suspending at least one other, following an internal investigation that determined employees made inaccurate statements to investors and that its “corporate culture failed to sufficiently prioritize compliance,” according to a regulatory filing.
Faraday Future, which has had a long string of controversies since its founding in 2014, became a publicly traded company in July 2021 after merging with Property Solutions Acquisition Corp. Trouble percolated just months later when a short seller report alleged that Faraday Future had made a number of inaccurate statements. An internal review conducted by special committee of directors and tapped the expertise a forensic accounting firm and independent legal counsel soon followed.
The committee found that company employees understated the involvement of founder an …
