The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Churchill Capital Corp IV (NYSE: CCIV) who purchased shares between January 11, 2021 and February 22, 2021. The action, which was filed in the United States District Court for the Northern District of Alabama, alleges that the Company violated federal securities laws.
In particular, the Churchill Capital lawsuit alleges that (1) Lucid was not prepared to deliver vehicles by spring of 2021; (2) Lucid was projecting a production of 557 vehicles in 2021 instead of the 6,000 vehicles touted in the run-up to the merger with Churchill; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Shareholders have until August 30, 2021 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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