Churchill Capital Corp IV (then Lucid Group, Inc.)

  • Active

Investigation
02/22/2021

Initial Lawsuit
04/18/2021

Lawsuit Progression
09/16/2021

Investigation

  • Continous Holding
    January 11, 2021 to February 22, 2021
  • Proposed Claim
    Securities Violation

Investigation regarding misleading statements made in connection with Chuchill’s Capital Corp. IV’s merger with Lucid Motors.

Main Event

Rumors vs. Projections vs. Reality

02/22/2021

News Outlets

Journalist Ed Ludlow from Bloomberg News reports that Lucid’s CEO Peter Rawlinson said during an interview, that as a result of Churchill’s diligence process, Lucid would not honor its previous statements about “spring production” and had decided to delay production but would not commit to any specific date.

See more on Factual Timeline

Initial Lawsuit

This is a federal securities class action on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Churchill Capital Corp IV securities between January 11, 2021 and February 22, 2021, both dates inclusive.

  • Filing Date
    04/18/2021
  • Class Period
    01/11/2021 to 02/22/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Beeman Law Firm
    Winston Cooks, LLC
  • Case Title
    Phillips v. Churchill Capital Corporation IV
  • Docket Number
    1:21-cv-00539
  • Court
    Alabama Northern District Court
  • Free File
    Complaint

Allegations

According to the complaint, 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 allegedly failed to disclose to investors that:

(i) employed devices, schemes, and artifices to defraud;
(ii) made untrue statements of material fact and/or omitted to state material facts necessary to make the statements not misleading;
(iii) engaged in acts, practices, and a course of business which operated as a fraud and deceit upon those who purchased or otherwise acquired CCIV’s securities during the class period.

Defendants

  • Company
    Churchill Capital Corp IV
  • Company
    Lucid
  • Founder
    Michael Klein
  • Chief Financial Officer
    Jax Taragin
  • Chief Executive Officer
    Peter Rawlinson

Lawsuit progression

  • Docket Number
    4:21-cv-09323
  • Court
    California Northern District Court

Lead Counsel

09/16/2021

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Labaton Sucharow LLP
    Pomerantz LLP
  • Lead Plaintiff
    Mixed Group
  • Free File
    Order for lead

Second Amended Complaint

12/30/2021

Plaintiffs bring this federal securities class action pursuant to Rule 23 of the Federal Rules of Civil Procedure on behalf of themselves and all persons and entities that purchased CCIV Securities from February 5, 2021, through February 22, 2021 inclusive (the class period) and were damaged by the conduct alleged herein (the class). CCIV Securities, which are defined at Paragraph 41 of the revised amended complaint, include CCIV common stock (ticker: “CCIV”), CCIV Units (ticker: “CCIVU”), CCIV warrants (ticker: “CCIVW”), and call options for CCIV common stock.

Motion to Dismiss

02/14/2022

A motion to dismiss was filed with the court.

[stockdio-historical-chart symbol=”CCIV” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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