Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Churchill Capital Corporation IV (“CCIV”) (NYSE: CCIV) d/b/a Lucid Motors (“Lucid”) (NASDAQ: LCID) securities between February 5, 2021 and February 22, 2021, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) while CCIV was negotiating an acquisition of Lucid, that Lucid’s factory was not already build; (2) further, that Lucid would not be ready to start production in Spring 2021 despite claims to the contrary; and (3) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Current Status of Case:
On January 11, 2023, the Court granted Defendants’ Motion to Dismiss. On July 28, 2023, Lead Plaintiffs filed a Notice of Appeal to the 9th Circuit Court of Appeals, and on August 8, 2024, the Appeals Court affirmed the Trial Court’s dismissal. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.