SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Northern District of Alabama on behalf of purchasers of Churchill Capital Corporation IV (NYSE:CCIV) securities between January 11, 2021 and February 22, 2021, inclusive (the “Class Period”). The first-filed case is captioned Phillips v. Churchill Capital Corporation IV, No. 21-cv-00539, and is assigned to Judge Annemarie C. Axon. A similar lawsuit, captioned Arico v. Churchill Capital Corporation IV, No. 21-cv-12355, is pending in the District of New Jersey and is assigned to Judge Zahid N. Quraishi.
If you suffered substantial losses and wish to serve as lead plaintiff of the CCIV class action lawsuit or have questions concerning your rights regarding the CCIV class action lawsuit, please visit our website by clicking here or contact J.C. Sanchez of Robbins Geller, at 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Pursuant to a court order, lead plaintiff motions for the CCIV class action lawsuit must be filed with the court no later than August 30, 2021.
CASE ALLEGATIONS: CCIV is a blank check company, also known as a special purpose acquisition company (“SPAC”). In April 2020, defendant Michael Klein launched CCIV, which raised more than $2 billion in its initial public offering. Lucid is an American automotive company specializing in electric cars. As of 2020 its first car, Lucid Air, was in development. On January 11, 2021, Bloomberg News reported that: “Electric vehicle maker Lucid Motors Inc. [was] 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.” Bloomberg News further reported that the transaction could be valued at up to $15 billion and that “Churchill Capital Corp IV – the largest [of Klein’s two SPACs], having raised more than $2 billion last year – is the vehicle considering a deal with Lucid, some of the people said.” On 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. CCIV’s share price closed that day at $57.37.
Thereafter, Bloomberg News reported that the Lucid chief executive officer announced that production of its debut car would be delayed until at least the second half of 2021, with no definite date set for actual delivery of an actual vehicle. On this news, the price of CCIV stock fell by approximately 38%, damaging investors.
Robbins Geller Rudman & Dowd LLP has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased CCIV securities during the Class Period to seek appointment as lead plaintiff in the CCIV class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the CCIV class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the CCIV class action lawsuit. An investor’s ability to share in any potential future recovery of the CCIV class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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