SAN DIEGO, May 18, 2022 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Lucid Group, Inc. (NASDAQ: LCID). The class action is on behalf of shareholders who purchased Lucid securities between November 15, 2021 and February 28, 2022, inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court no later than May 31, 2022.
What actions may I take at this time? If you suffered a substantial loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
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There is no cost or obligation to you.
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, the 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, the 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.
On February 28, 2022, Lucid admitted that it: (1) had only delivered approximately 125 EVs in 2021 and still had only produced approximately 400 EVs by February 28, 2022; (2) would only produce between 12,000 and 14,000 EVs in 2022; and (3) would delay the launch of the Lucid Gravity until 2024. Defendant Rawlinson attributed the slashed production outlook to “the extraordinary supply chain and logistics challenges [Lucid] encountered.”
A lead plaintiff will act on behalf of all other class members in directing the Lucid class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Lucid class action lawsuit is not dependent upon serving as lead plaintiff. For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471