The battle between ailing electric car startup Faraday Future and its main investor, Chinese real estate giant Evergrande, escalated once again on Wednesday. Employees of the startup filed suit against Evergrande in Los Angeles County Superior Court, claiming the Chinese conglomerate committed “breaches” of its fiduciary duties as well as “other illegal conduct.”
The plaintiffs also say Evergrande “plotted” from the beginning to send Faraday Future “off a financial cliff” in order to make off with the intellectual property associated with the startup’s forthcoming luxury electric vehicle, the FF91.
“If Evergrande's conspiracy is allowed to come to fruition,” Faraday Future employees — many of whom have a stake in the company — will suffer, lawyers for the plaintiffs write. “Plaintiffs stand to lose everything. Not only will their jobs and equity vanish, but the value of years of work will be destroyed.”
Source: The Verge