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Lucid Group, Inc.

Class Action
  • Active
Investigation
02/28/2022
Initial Lawsuit
04/01/2022
Lawsuit Progression
05/31/2022

Investigation

This investigation focuses on Lucid’s statements assuring rapidly increasing production capacity to reach yearly production targets.

  • Investigation Date
    02/28/2022
  • Hypothetical Affected Period
    November 15, 2021 to February 28, 2022
  • Hypothetical Transgression
    Securities Violation
Main Event

Lucid Reveals its Annual Report

02/28/2022

SEC Filing

Lucid announces its Q4 2021 and fiscal year 2021 financial results. The company reveals that it delivered approximately 125 EVs in 2021, and produced approximately 400 EVs by February 28, 2022, will produce between 12,000 and 14,000 EVs in 2022, and will delay the launch of the Lucid Gravity until 2024.

“Looking ahead, we’re updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This reflects the extraordinary supply chain and logistics challenges we’ve encountered and our unrelenting focus on delivering the highest-quality products. We remain confident in our ability to capture the tremendous opportunities ahead given our technology leadership and strong demand for our cars,” Rawlinson added.

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$24.99 $28.98 $-3.99 -13.77%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 04/01/2022

This is a federal securities class action on behalf of a class of all persons and entities who purchased or otherwise acquired Lucid common stock between November 15, 2021, and February 28, 2022, inclusive.

  • Filing Date
    04/01/2022
  • Class Period
    11/15/2021 to 02/28/2022
  • Transgression
    Securities Violation
  • Filing Firms
    Kessler Topaz Meltzer & Check, LLP
  • Case Title
    Mangino v. Lucid Group, Inc. et al
  • Docket Number
    3:22-cv-02094
  • Court
    California 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:

Defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were already significantly hampering the company’s operations.

Defendants

  • Company
    Lucid Group, Inc.
  • Chief Executive Officer
    Peter Rawlinson
  • Chief Financial Officer
    Sherry House

Lawsuit progression

  • Docket Number
    3:22-cv-02094
  • Court
    California Northern District Court

The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses.
Last event retrieved on 10/04/2022.

Factual Timeline

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