COMPANY |
Churchill Capital Corporation IV |
COURT |
United States District Court for the District of New Jersey |
CASE NUMBER |
21-cv-12355 |
JUDGE |
The Honorable Yvonne Gonzalez Rogers |
CLASS PERIOD |
January 11, 2021 - February 22, 2021 |
SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on January 11, 2021, when Bloomberg News reported that Lucid “is in talks to go public through a merger with one of Michael Klein’s special purpose acquisition companies, according to people familiar with the matter.” Michael Klein launched Churchill Capital Corporation IV (“CCIV”), in April 2020, and raised $2,070,000,000 in CCIV’s initial public offering. It was rumored that Lucid was merging with CCIV. On February 16, 2021, Lucid’s Chief Executive Officer, Peter Rawlinson, appeared on Fox Business News with Neil Cavuto touting that Lucid was aiming for a spring delivery of its first vehicles.
The complaint alleges that throughout the Class Period, the Defendants failed to disclose a true and accurate picture of CCIV’s business, operations and financial condition.
Current Status of Case:
On January 11, 2023, the Court granted Defendants’ Motion to Dismiss the complaint with leave to file a motion to amend. Lead Plaintiffs filed a Motion for leave to amend the complaint on January 30, 2023. On June 29, 2023, the Court denied Lead Plaintiffs’ Motion for leave to amend the complaint. Lead Plaintiffs appealed that order to the Ninth Circuit Court of Appeals on July 28, 2023. This action is ongoing.
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