EV Startup Faraday Future Tumbles After Disclosing SEC Probe

Faraday Future Intelligent Electric Inc.’s stock plunged after the electric-vehicle startup revealed it’s under investigation by the U.S. Securities and Exchange Commission.

Members of the management team and employees recently received subpoenas related to a formal probe of the company, Faraday said Thursday in a statement. The company is “cooperating fully” with the investigation, which Faraday said is related to an internal inquiry previously underway.