LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz reminds investors of the upcoming August 30, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Churchill Capital Corporation IV (“Churchill” or the “Company”) (NYSE: CCIV) securities between January 11, 2021 and February 22, 2021, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On January 11, 2021, Bloomberg News reported that Lucid Motors Inc. (“Lucid”), an American automotive company specializing in electric cars, is in talks to go public via merger with one of Michael Klein’s special purpose acquisition companies, including Churchill.
Over the next several weeks, Lucid’s Chief Executive Officer Peter Rawlinson made media appearances during which he stated that Lucid was aiming for a spring delivery for its first vehicles.
On February 22, 2021, the merger between Churchill and Lucid was announced with transaction equity value estimated at $11.75 billion. Churchill’s share price closed at $57.37.
The same day, after the market closed, Bloomberg News reported that production of Lucid’s debut car would be delayed until at least the second half of 2021 with no definite date for the actual delivery of vehicles. Details of the merger also disclosed that Lucid was projecting the production of only 557 vehicles in 2021, instead of the 6,000 it had been touting in the run-up to the merger announcement.
On February 23, 2021, Churchill’s stock fell $22.16, or 38%, to close at $35.21 per share on February 23, 2021.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) Lucid was not prepared to deliver vehicles by spring of 2021; (2) Lucid was projecting a production of 557 vehicles in 2021 instead of the 6,000 vehicles touted in the run-up to the merger with Churchill; and (3) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased or otherwise acquired Churchill securities during the Class Period, you may move the Court no later than August 30, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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