Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Churchill Capital Corporation IV (CCIV)

Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming June 18, 2021 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors, Churchill Capital Corporation IV (“Churchill” or Churchill Capital Corporation IV) purchased or otherwise acquired securities “Company”) (NYSE: CCIV) between January 11, 2021 and February 22, 2021 inclusive (the “Class Period”).

If you have suffered a loss on your Churchill investment or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases / submit churchill-capital -corporation-iv /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email [email protected] to learn more about your rights.

On Jan. 11, 2021, Bloomberg News reported that Lucid Motors Inc. (“Lucid”), an American auto company specializing in electric cars, was in talks to go public through a merger with one of Michael Klein’s special purpose vehicles, including Churchill.

Over the next several weeks, Lucid’s CEO Peter Rawlinson appeared in the media saying that Lucid was aiming for a spring delivery for its first vehicles.

On February 22, 2021, the Churchill-Lucid merger was announced with an estimated transaction capital value of $ 11.75 billion. Churchill’s share closed at $ 57.37.

On 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 specific date set for actual delivery of the vehicles. The deal details also revealed that Lucid was forecasting production of just 557 vehicles in 2021, instead of the 6,000 advertised ahead of the deal’s announcement.

On February 23, 2021, Churchill stock fell $ 22.16, or 38%, to close at $ 35.21 per share on February 23, 2021.

The story goes on

The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. Specifically, defendants have failed to provide investors with the following: (1) Lucid was unwilling to deliver vehicles until spring 2021; (2) Lucid forecast production of 557 vehicles in 2021 instead of the 6,000 vehicles advertised in advance of 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 lacking a reasonable basis.

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If you have purchased or otherwise acquired Churchill securities during the class period, you may request the court to appoint you as the lead plaintiff in this alleged class action no later than June 18, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005851/de/

contacts

Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com

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