Lucid Group, Inc. Class Action Lawsuit - LCID
- Company Name
- Lucid Group, Inc.
- Stock Symbol
- Class Period
- November 15, 2021 to February 28, 2022
- Motion Deadline
- May 31, 2022
- Northern District of California
The Lucid class action lawsuit seeks to represent purchasers of Lucid Group, Inc. (NASDAQ: LCID) common stock between November 15, 2021 and February 28, 2022, inclusive (the “Class Period”) and charges Lucid as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934. The Lucid class action lawsuit was commenced on April 1, 2022 in the Northern District of California and is captioned Mangino v. Lucid Group, Inc., No. 22-cv-02094.
If you suffered significant losses and wish to serve as lead plaintiff of the Lucid class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Lucid class action lawsuit must be filed with the court no later than May 31, 2022.
CASE ALLEGATIONS: Lucid designs, engineers, builds, and sells luxury electric vehicles (“EVs”). Specifically, 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, a special purpose acquisition company, in a transaction that would allow Lucid securities to be publicly traded and would provide Lucid with $4.4 billion in capital (the “Merger”).
The Lucid class action lawsuit alleges that, 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). Indeed, defendants repeatedly assured investors that Lucid’s production capacity was rapidly increasing and that Lucid would reach its production targets. However, as the Lucid class action lawsuit alleges, defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering Lucid’s operations from the start of the Class Period.
On February 28, 2022, Lucid 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. Defendant Rawlinson 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 by more than 13%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Lucid common stock during the Class Period to seek appointment as lead plaintiff in the Lucid class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Lucid class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Lucid class action lawsuit. An investor’s ability to share in any potential future recovery of the Lucid class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.