The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lucid Group, Inc. (NASDAQ: LCID) who purchased common stock between November 15, 2021 and February 28, 2022. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Lucid lawsuit alleges that defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Lucid’s business and operations. Specifically, the Company overstated its production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering Lucid’s operations. As a result of the defendants’ wrongful acts and omissions, and the significant decline in the market value of Lucid’s common stock, Lucid investors have suffered significant damages.
Shareholders have until May 31, 2022 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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