What happened Shares of Faraday Future Intelligent Electric (NASDAQ: FFIE) had fallen 6.2% at 11:42 a.m. ET after the high-end electric vehicle (EV) upstart announced it had received a delisting notice from the Nasdaq exchange after failing to file a quarterly earnings report in a timely fashion. The company said it expected the letter because it had formed a committee of the board of directors to investigate claims made by a short-seller as well as allegations of "inaccurate disclosures." The Faraday Future FF91. Image source: Faraday future. So what Last month, J Capital Research issued a report on Faraday Future titled Move Over Lordstown: There's a New EV Scam in Town that highlights many purported instances where the EV maker has failed to follow through on building several factories that were ultimately delayed or abandoned. It points out that after eight years in business, it has failed to start making cars -- vehicles that are supposed to retail for $200,000 or more. And while it reportedly received deposits for 14,000 vehicles to date, over three quarters of those were received from a single buyer, supposedly a U.S. corporation. Due to delays in production, the $11.6 million deposit had been converted into a note payable. Faraday subsequently revealed the deposit may actually have been by an "affiliated company." Now what Faraday Future went public this summer via a merger with a special purpose acquisition company (SPAC), and it's been all downhill since. Numerous lawsuits hoping to become a class action have been filed against the company claiming deceptions, and J Capital Research contends it's also being sued by unpaid suppliers, its assets have been frozen in China, and it is being run "behind the scenes" by "China's best-known securities fraudster." Faraday says it hopes to file the quarterly report eventually, but has no timetable until the committee completes its investigation. Stocks receiving delisting letters typically have an extended period of time to come into compliance before having their stock removed from an exchange. Even so, investors should probably stay far away from this stock until it can convincingly refute the allegations. 10 stocks we like better than Faraday Future Intelligent Electric Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Faraday Future Intelligent Electric Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 10, 2021 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source