Court Order Establishes New Lead Plaintiff Deadline in the Churchill Capital Corporation IV Class Action Lawsuit; Opportunity for Investors With Substantial Losses to Lead Case – CCIV
SAN DIEGO–(BUSINESS WIRE) – Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit was filed between January 11, 2021 and February 22, 2021 on behalf of the buyers of Churchill Capital Corporation IV (NYSE: CCIV) securities in the Northern District of Alabama . including (the “Class Period”). The first case filed is entitled Phillips v Churchill Capital Corporation IV, No. 21-cv-00539 and is assigned to Judge Annemarie C. Axon. A similar lawsuit, entitled Arico v Churchill Capital Corporation IV, No. 21-cv-12355, is pending in the New Jersey District and is assigned to Judge Zahid N. Quraishi.
If you have suffered significant losses and would like to stand as the lead plaintiff in the CCIV class action or have any questions about your rights in relation to the CCIV class action, please visit our website by clicking here or contact JC Sanchez of Robbins Geller at 800 / 449-4900 or by email to firstname.lastname@example.org. According to the court order, motions by the lead plaintiffs for the CCIV class action must be submitted to the court by August 30, 2021 at the latest.
CASE ALLEGATION: CCIV is a blank check company, also known as the Special Purpose Acquisition Company (“SPAC”). In April 2020, defendant Michael Klein launched CCIV, which grossed more than $ 2 billion when it went public. Lucid is an American automobile manufacturer that specializes in electric cars. As of 2020, his first car, Lucid Air, was in development. On January 11, 2021, Bloomberg News reported, “The electric vehicle maker Lucid Motors Inc. [was] in talks to go public through a merger with one of Michael Klein’s specialty acquisition companies, according to those familiar with the matter. ”Bloomberg News said the transaction could be valued at up to $ 15 billion and that “Churchill Capital Corp IV – the largest” [of Klein’s two SPACs], which 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-awaited merger agreement between CCIV and Lucid was announced. The transaction value of the CCIV and Lucid was estimated at $ 11.75 billion. CCIV’s share price closed at $ 57.37 that day.
After that, Bloomberg News reported that Lucid’s CEO announced that production of its debut car would be delayed until at least the second half of 2021, with no specific date set for actual delivery of an actual vehicle. As a result of this news, the price of CCIV shares fell about 38%, which caused damage to investors.
Robbins Geller Rudman & Dowd LLP has started a special SPAC task force to protect investors in blank check companies and seek redress for corporate misconduct. The SPAC Task Force consists of experienced litigation attorneys, investigators and forensic accountants and is dedicated to detecting and prosecuting fraud on behalf of aggrieved SPAC investors. The rise in blank check funding poses unique risks for investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force represents the vanguard in ensuring integrity, honesty and equity in this rapidly evolving area of investment.
LEAD ACTION: The Private Securities Litigation Reform Act of 1995 allows any investor who purchased CCIV securities during the class action period to seek appointment as the lead plaintiff in the CCIV class action. A lead plaintiff is usually the applicant with the greatest financial interest in the legal protection sought by the alleged class, which is also typical and appropriate for the alleged class. A lead plaintiff is acting on behalf of all other group members in leading the CCIV class action. The lead plaintiff can choose a law firm of their choice to conduct the CCIV class action lawsuit. An investor’s ability to participate in a possible future collection of the CCIV class action lawsuit does not depend on being the lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 attorneys in 9 offices across the country, Robbins Geller Rudman & Dowd LLP is the largest US law firm serving investors in securities class actions. Robbins Geller’s attorneys have secured many of the largest shareholder recoveries in history, including the largest securities class action of all time – $ 7.2 billion – in In re Enron Corp. Sec. Lit. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for getting $ 1.6 billion back for investors last year, more than double the amount paid by any other securities plaintiff firm was drafted. More information is available at http://www.rgrdlaw.com.
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