Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired Lucid securities between November 15, 2021 to February 28, 2022, both dates inclusive (the “Class Period”). Investors have until May 31, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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 shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
