Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or acquired Churchill Capital Corp IV (“CCIV”) (NYSE: CCIV), securities between January 11, 2021 and February 22, 2021, inclusive (the “Class Period”).
CCIV investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described above, you may no later than July 6, 2021 move the Court to serve as lead plaintiff of the class, if you so choose.
CCIV is a blank check company, also known as a special purpose acquisition company. Atieva, Inc., d/b/a Lucid Motors (“Lucid”) is an American automotive company specializing in electric cars. As of 2020, Lucid’s first car, Lucid Air, is in development.
The Class Period commences on January 11, 2021, when Bloomberg News reported that Lucid “is in talks to go public through a merger with one of Michael Klein’s special purpose acquisition companies, according to people familiar with the matter.” Michael Klein launched CCIV, in April 2020, and raised $2,070,000,000 in CCIV’s initial public offering. It was rumored that Lucid was merging with CCIV. On February 16, 2021, Lucid’s Chief Executive Officer, Peter Rawlinson, appeared on Fox Business News with Neil Cavuto touting that Lucid was aiming for a spring delivery of its first vehicles.
On Monday, February 22, 2021, the long anticipated merger agreement between CCIV and Lucid was announced. CCIV’s and Lucid’s transaction equity value was estimated at $11.75 billion. However, at 6:22 p.m. that same night, Ed Ludlow of Bloomberg News reported that Mr. Rawlinson announced that production of its debut car will be delayed until at least the second half of 2021, with no definite date for set for actual delivery of an actual vehicle.
Following this news, CCIV’s stock price fell from a close of $57.37 per share on February 22, 2021, to a close of $35.21 per share on February 23, 2021.
The complaint alleges that throughout the Class Period, the defendants failed to disclose a true and accurate picture of CCIV’s business, operations and financial condition.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll-free at (844) 887-9500; or via e-mail at firstname.lastname@example.org. 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.