Shares of EV maker Faraday Future Intelligent Electric (NASDAQ:FFIE) are on the rise today after the company reaffirmed its commitment to long-term growth and the creation of value for shareholders while safeguarding their interests. The company also noted that it has observed a series of suspicious activities that suggest a coordinated effort to undermine its valuation through misinformation and the manipulation of market sentiment.
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To address this challenge, FFIE has announced multiple measures, including the dissemination of accurate and timely information, a focus on long-term growth, and the possibility of taking legal action against any illegal short-selling and other forms of market manipulation.
Shares of the company have tanked by nearly 95% over the past year. After briefly hovering above the $1,500 mark in February 2021, FFIE shares are now trading at the current levels of $4+. But that’s after it executed a 1-for-80 reverse stock split last month.
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