SAN DIEGO, May 26, 2022 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Lucid Group, Inc. (NASDAQ: LCID) common stock between November 15, 2021 and February 28, 2022, inclusive (the “Class Period”) have until Tuesday, May 31, 2022 to seek appointment as lead plaintiff in Mangino v. Lucid Group, Inc., No. 22-cv-02094 (N.D. Cal.). The Lucid class action lawsuit charges Lucid as well as certain of its top executive officers with violations of the Securities Exchange Act of 1934.

If you suffered significant losses and wish to serve as lead plaintiff of the Lucid class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-lucid-group-inc-class-action-lawsuit-lcid.html

You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.

CASE ALLEGATIONS: Lucid designs, engineers, builds, and sells luxury electric vehicles (“EVs”). Specifically, Lucid currently sells an electric sedan, the Lucid Air, and plans to launch an electric SUV, the Lucid Gravity. On February 22, 2021, prior to the commercial launch of the Lucid Air, Lucid announced its plans to merge with Churchill Capital Corp. IV, a special purpose acquisition company, in a transaction that would allow Lucid securities to be publicly traded and would provide Lucid with $4.4 billion in capital (the “Merger”).

The Lucid class action lawsuit alleges that, as Lucid transitioned into a publicly traded company, defendants assured investors that Lucid would produce 577 EVs in 2021, 20,000 EVs in 2022, and 49,000 EVs in 2023 (including 12,000 of the Project Gravity SUV, which would launch that year). Indeed, defendants repeatedly assured investors that Lucid’s production capacity was rapidly increasing and that Lucid would reach its production targets. However, as the Lucid class action lawsuit alleges, defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering Lucid’s operations from the start of the Class Period.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Lucid common stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.

ABOUT ROBBINS GELLER: Robbins Geller is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html  

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Contact:
        Robbins Geller Rudman & Dowd LLP 
        655 W. Broadway, San Diego, CA 92101 
        J.C. Sanchez, 800-449-4900 
        jsanchez@rgrdlaw.com