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LUCID GROUP, INC. (NASDAQ: LCID) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Lucid Group, Inc. (NASDAQ: LCID)Apr 4th, 2022 14:01 EST
Did you lose money on investments in Lucid Group? If so, please visit Lucid Group, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, April 4, 2022 /PRNewswire/ — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID) between November 15, 2021 and February 28, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934.
Lucid designs, engineers, builds, and sells luxury electric vehicles (“EVs”). Lucid currently sells an electric sedan, the Lucid Air, and plans to launch an electric SUV, the Lucid Gravity.
On February 22, 2021, prior to the commercial launch of the Lucid Air, Lucid announced its plans to merge with Churchill Capital Corp. IV (“Churchill”), a special purpose acquisition company, in a transaction that would allow Lucid securities to be publicly traded and provide Lucid with $4.4 billion in capital (the “Merger”).
As Lucid transitioned into a publicly traded company, Defendants assured investors that Lucid would produce 577 EVs in 2021, 20,000 EVs in 2022, and 49,000 EVs in 2023 (including 12,000 of the Project Gravity SUV, which would launch that year).
Defendants also repeatedly assured investors that Lucid’s production capacity was rapidly increasing and that Lucid would reach its production targets.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, Defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering the Company’s operations from the start of the Class Period.
On February 28, 2022, the Company admitted that it: (1) had only delivered approximately 125 EVs in 2021 and still had only produced approximately 400 EVs by February 28, 2022; (2) would only produce between 12,000 and 14,000 EVs in 2022; and (3) would delay the launch of the Lucid Gravity until 2024. Individual Defendant Peter Rawlinson, Lucid’s Chief Executive Officer and Chief Technology Officer, attributed the slashed production outlook to “the extraordinary supply chain and logistics challenges [Lucid] encountered.”
On this news, the price of Lucid common stock fell more than 13%, closing at $24.99 per share on March 1, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than May 31, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased LCID common stock, and/or would like to discuss your legal rights and options please visit Lucid Group, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP