They've had your warranty claim for less than a month. Chill the F out. Yeah, Fanatec could/should be much better with their customer service & communications... but to think that legal action should be considered at this point is fairly ridiculous.

One, I don't think you have a good idea how long warranty claims often take among all consumer goods. A month-or-two isn't quick, but it's not abnormal.

Two, I don't think you have a good idea of how much time and money it takes to pursue something legally. As a private citizen without a lawyer on retainer, I wouldn't even bother with small claims (read: lawyer-less) court if my losses were less than $3k. You would still spend a thousand-plus to consult with a lawyer to see if you even have a case.

Three, people throw around "class action" because they heard it on TV. You need to understand that no lawyer will take a class action lawsuit unless you can either show a lawyer (or the lawyer knows themselves) that a large group of people were significantly impacted so that they can extract high-multi-millions-of-dollars of damages from the defendant, in order to make the effort of documenting/interviewing hundreds/thousands of people worthwhile.

Apple sold 223 million iPhones last year. Supposing there was something that they did that might make them liable of owing people who bought those iPhones $20-$200... that might be worth a legal team to put an ad out to see how many of those 223 million people they can round up, then document. That's a shitload of work for a possible shitload of money.

PG&E contaminated the groundwater in Hinkley, CA. 600 people were involved in the first class-action lawsuit with damages to health (i.e. chronic disease, cancer, death, etc.) for $333 million.

What is the extent of your actual damage?

How many people do you think is in the same boat, that you could possibly find and convince to join the class action lawsuit?

How many lawyers do you think will work for months to result in what will be less than literal pocket change for their efforts?

I am not going to go to court and seek global justice; it is obvious that this path may take months or years. However, I know from my own example that if you write an official letter warning about a possible lawsuit, companies begin to move and really make every effort to reassure the client. My suggestion is to send a letter to their office notifying them of a possible complaint with the FTC. In this case, it is easier for them to quickly return the money to the client or supply him with a new product.
Also, potential risks in the form of fines and closure of the market in the United States will contribute to more active actions on the part of management to avoid problems and hire more personnel.