Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Lucid Group, Inc. (LCID)

Law Offices of Howard G. Smith reminds investors of the upcoming May 31, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID) common stock between November 15, 2021 and February 28, 2022, inclusive (the “Class Period”).

Investors suffering losses on their Lucid investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On February 28, 2022, Lucid disclosed that it had only delivered approximately 125 EVs in 2021 – 452 less than expected – and would only produce between 12,000 and 14,000 EVs in 2022, despite previous claims that it would produce 20,000. The Company also announced that it would delay the launch of its Lucid Gravity SUV from 2023 to 2024, citing “the extraordinary supply chain and logistics challenges” as the cause.

On this news, Lucid’s common stock fell $3.99, or 13.8%, to close at $24.99 per share on March 1, 2022, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, 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 overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering the Company’s operations from the start of the Class Period.

If you purchased or otherwise acquired Lucid common stock during the Class Period, you may move the Court no later than May 31, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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