The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Churchill Capital Corporation IV (CCIV)

Investors with losses in excess of $ 100,000 are encouraged to contact the company

LOS ANGELES, July 6, 2021 – (BUSINESS WIRE) – Frank R. Cruz’s law firm is reminding investors of the upcoming August 30, 2021 deadline to file a lead plaintiff on behalf of the investors who bought Churchill’s securities of Capital Corporation IV (“Churchill” or the “Company”) (NYSE: CCIV) between January 11, 2021 and February 22, 2021 inclusive (the “Class Period”).

If you are a shareholder who has suffered a loss, click here to participate.

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 few weeks, Lucid’s Chief Executive Officer Peter Rawlinson made media appearances stating 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 value of $ 11.75 billion. Churchill’s share price closed at $ 57.37.

The same day after the market closed, Bloomberg News reported that production of Lucid’s debut car would be postponed until at least the second half of 2021, with no specific date set for actual delivery of the vehicles. Details of the merger also revealed that Lucid had forecast production of just 557 vehicles in 2021, instead of the 6,000 announced in advance of the merger announcement.

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

The complaint filed in this class action lawsuit alleges that during the collection period the defendants made materially false and / or misleading statements and disclosed material adverse facts about the company’s business, operations and prospects. In particular, the defendants did not disclose to investors: (1) Lucid was not ready to deliver vehicles until spring 2021; (2) Lucid forecast production of 557 vehicles in 2021 instead of the 6,000 vehicles touted ahead of its merger with Churchill; and (3) as a result of the foregoing, defendants’ positive statements about the business, operations and prospects of the company were materially misleading and / or unfounded.

The story goes on

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If you have purchased or otherwise acquired Churchill securities during the class action period, you have no later than August 30, 2021 to apply to the court for appointment as the lead plaintiff in this alleged class action. To become a member of the class action, you do not need to take any action at this point; You can hire a lawyer 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 have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Frank R. Cruz of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars , Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at info@frankcruzlaw.com or visit our website at www.frankcruzlaw.com. For inquiries by email, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitation in some jurisdictions subject to applicable laws and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210760005254/en/

contacts

The Frank R. Cruz Law Firms, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com

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