NEW YORK, April 11, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID), a company that designs, engineers, builds, and sells luxury electric vehicles. A complaint has been filed on behalf of investors who purchased or otherwise acquired Lucid common stock between November 15, 2021 and February 28, 2022.
On February 22, 2021, Lucid announced its plans to merge with Churchill Capital Corp. IV, a special purpose acquisition company (SPAC).
On November 15, 2021, the first day of the Class Period, Lucid announced the company's first quarterly results following the commercial launch of the Lucid Air on September 28, 2021. According to the complaint, in Lucid's press release announcing these results, the company touted its growth potential, stating that Lucid "[c]ontinued to invest in the business, readying production and deliveries." The press release also assured investors that Lucid "successfully began production of vehicles for customer deliveries, continued investing in capacity expansion of our manufacturing facility in Arizona, and opened new retail and service locations in advance of the Lucid Air launch." Additionally, Lucid confirmed that the company "remain[s] confident in our ability to achieve 20,000 units in 2022," and touted "the expansion of [Lucid's] manufacturing capacity," which was
"expected to provide production capacity for up to 90,000 vehicles per year by the end of 2023 by expanding Lucid Air."
Further, according to the complaint, on February 28, 2022, investors learned the truth about Lucid's production capabilities when Lucid issued a press release revealing that it had only delivered approximately 125 EVs in 2021, still had only produced approximately 400 EVs by February 28, 2022 (falling short of its 577-vehicle target for 2021), and would only produce between 12,000 and 14,000 EVs in 2022 (falling short of its 20,000-vehicle target). During Lucid's quarterly earnings call that same day, Lucid also revealed that it would need to delay the launch of the Lucid Gravity until 2024 (versus a prior launch date in 2023).
Following this news, the price of Lucid common stock fell $3.99 per share, more than 13%, from a close of $28.98 per share on February 28, 2022, to a close at $24.99 per share on March 1, 2022.
If you are a member of the proposed Class, you may move the court no later than May 31, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
