San Diego, CA -- (SBWire) -- 04/15/2022 --An investor, who purchased shares of Lucid Group, Inc. (NASDAQ: LCID), filed a lawsuit over alleged violations of Federal Securities Laws by Lucid Group, Inc. in connection with certain allegedly false and misleading statements made.
Investors who purchased shares of Lucid Group, Inc. (NASDAQ: LCID) have certain options and for certain investors are short and strict deadlines running. Deadline: May 31, 2022. NASDAQ: LCID investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Newark, CA based Lucid Group, Inc. a technology and automotive company, develops electric vehicle (EV) technologies. Specifically, L Lucid Group, Inc 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 Group, Inc 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. 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 Gravity SUV, which would launch that year).
On November 15, 2021, Lucid Group, Inc announced the company's first quarterly results following the commercial launch of the Lucid Air on September 28, 2021. In Lucid Group's press release announcing these results, the company touted its growth potential, stating that Lucid "[c]ontinued to invest in the business, readying production and deliveries." The press release also assured investors that Lucid "successfully began production of vehicles for customer deliveries, continued investing in capacity expansion of our manufacturing facility in Arizona, and opened new retail and service locations in advance of the Lucid Air launch." Additionally, Lucid confirmed that the company "remain[s] confident in our ability to achieve 20,000 units in 2022," and touted "the expansion of [Lucid's] manufacturing capacity," which was "expected to provide production capacity for up to 90,000 vehicles per year by the end of 2023 by expanding Lucid Air."
On December 6, 2021, Lucid Group, Inc. disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that "[o]n December 3, 2021, [Lucid] received a subpoena from the [SEC] requesting the production of certain documents related to an investigation by the SEC. Although there is no assurance as to the scope or outcome of this matter, the investigation appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc. and certain projections and statements."
Then on February 28, 2022, Lucid Group, Inc issued a press release revealing that it had only delivered approximately 125 EVs in 2021, still had only produced approximately 400 EVs by February 28, 2022 (falling short of its 577-vehicle target for 2021), and would only produce between 12,000 and 14,000 EVs in 2022 (falling short of its 20,000-vehicle target). During Lucid's quarterly earnings call that same day, Lucid also revealed that it would need to delay the launch of the Lucid Gravity until 2024 (versus a prior launch date in 2023). Despite its previous assurances that Lucid Group, Inc was not experiencing any supply chain issues, Lucid attributed its slashed production outlook to "the extraordinary supply chain and logistics challenges [Lucid] encountered."
Shares of Lucid Group, Inc. (NASDAQ: LCID) declined from $57.44 per share on November 22, 2021 to as low as $20.49 per share on March 15, 2022. h
The plaintiff claims that between November 15, 2021, and February 28, 2022, Lucid Group, Inc. overstated its production capabilities while concealing that "extraordinary supply chain and logistics challenges" were hampering Lucid's operations from the start between November 15, 2021, and February 28, 2022, and that 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.
Those who purchased shares of Lucid Group, Inc. (NASDAQ: LCID) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About:
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Lucid Group, Inc. (NASDAQ: LCID) Investor Notice: Lawsuit alleges Securities Laws Violations
A lawsuit was filed on behalf of investors in Lucid Group, Inc. (NASDAQ: LCID) shares over alleged securities laws violations.