RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed against Churchill Capital Corp IV (NYSE: CCIV) (“CCIV”) on behalf of those who purchased or acquired CCIV securities between January 11, 2021 and February 22, 2021, inclusive (the “Class Period”).
Investor Deadline Reminder: Investors who purchased or acquired CCIV securities during the Class Period may, no later than June 28, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation 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; via e-mail at info@ktmc.com; or click https://www.ktmc.com/churchill-capital-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=churchill
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 the 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 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 set for 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.
CCIV investors may, no later than June 28, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
