Pomerantz LLP and Wolf Haldenstein Adler Freeman & Herz LLP Announce Proposed Class Action Settlement on Behalf of Holders of Property Solutions Acquisition Corp. Class A Common Stock and Purchasers of Faraday Future Intelligent Electric Inc. Common Stock
LOS ANGELES, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP and Wolf Haldenstein Adler Freeman & Herz LLP announce that the United States District Court for the Central District of California has approved the following announcement of a proposed class action settlement that would benefit holders of Property Solutions Acquisition Corp. Class A common stock and purchasers of Faraday Future Intelligent Electric Inc. common stock (NASDAQ: PSAC) (NASDAQ: FFIE):*SUMMARY NOTICE*
*IF YOU (A) PURCHASED OR OTHERWISE ACQUIRED FARADAY SECURITIES BETWEEN JANUARY 28, 2021 AND APRIL 14, 2022, BOTH DATES INCLUSIVE (THE “SETTLEMENT CLASS PERIOD”), AND/OR (B) BENEFICIALLY OWNED AND/OR HELD THE CLASS A COMMON STOCK OF PROPERTY SOLUTIONS ACQUISITION CORP. (“PSAC”) AS OF JUNE 21, 2021 AND WERE ELIGIBLE TO VOTE AT PSAC’S JULY 20, 2021 SPECIAL MEETING AND WERE ALLEGEDLY DAMAGED THEREBY (THE “SETTLEMENT CLASS”), YOU COULD RECEIVE A PAYMENT FROM A CLASS ACTION SETTLEMENT. CERTAIN PERSONS ARE EXCLUDED FROM THE DEFINITION OF THE CLASS AS SET FORTH IN THE STIPULATION OF SETTLEMENT.*
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS MAY BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN FEDERAL COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and by Order of the United States District Court for the Central District of California, that in the above-captioned litigation (the “Action”), a Settlement has been proposed for $7,500,000.00 in cash. A hearing will be held on March 18, 2024, at 10:00 a.m. PST, before the Honorable Christina A. Snyder, at the United States District Court, Central District of California, Courtroom 8D, 8^th Floor, 350 W. First Street, Los Angeles, CA 90012, or remotely per details that will be made publicly available on the Settlement website www.faradaysettlement.com, for the purpose of determining whether: (1) the proposed Settlement should be approved by the Court as fair, reasonable and adequate; (2) the proposed Plan of Allocation for distribution of the Settlement proceeds is fair, reasonable and adequate and therefore should be approved; and (3) the application of Lead Counsel for the payment of attorneys’ fees and expenses from the Settlement Fund, including interest earned thereon, should be approved.*IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS DESCRIBED ABOVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THE LITIGATION, AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND*. If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action (the “Notice”) and a copy of the Proof of Claim and Release (“Proof of Claim”), you may obtain a copy of these documents by contacting the Claims Administrator: Faraday Securities Litigation, Strategic Claims Services, P.O. Box 230, 600 N. Jackson Street, Suite 205, Media, PA 19063, (866) 274-4004. You may also obtain copies of the Stipulation of Settlement, Notice and Proof of Claim at www.faradaysettlement.com.
If you are a Settlement Class Member, to be eligible to share in the distribution of the Settlement Fund, you must submit a Proof of Claim by mail to the Claims Administrator postmarked no later than February 12, 2024, or submit it online at www.faradaysettlement.com by that date. If you are a Settlement Class Member and do not submit a valid Proof of Claim, you will not be eligible to share in the distribution of the Settlement Fund, but you will still be bound by any judgment entered by the Court in this Action (including the releases provided for therein).
To exclude yourself from the Settlement Class, you must mail a written request for exclusion so that it is received by February 26, 2024, in accordance with the instructions set forth in the Notice. If you are a Settlement Class Member and do not exclude yourself from the Settlement Class, you will be bound by any judgment entered by the Court in this Action (including the releases provided for therein) whether or not you submit a Proof of Claim. If you submit a written request for exclusion, you will have no right to recover money pursuant to the Settlement.
Any objection to the proposed Settlement, the Plan of Allocation of Settlement proceeds, or the fee and expense application must be filed with the Court no later than February 26, 2024, in accordance with the instructions set forth in the Notice.
*PLEASE DO NOT CONTACT THE COURT, THE CLERK’S OFFICE, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.* If you have any questions about the Settlement, or your eligibility to participate in the Settlement, you may contact Lead Counsel at the following address or by calling (212) 661-1100:
Pomerantz LLP
Austin P. Van
600 Third Avenue, 20th Floor
New York, NY 10016
avan@pomlaw.com
DATED: NOVEMBER 7, 2023
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
CENTRAL DISTRICT OF CALIFORNIA