RADNOR, Pennsylvania., June 20, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP Reminds Investors at Churchill Capital Corp IV (NYSE: CCIV) (“CCIV”) that a Securities Fraud Class Action has been filed on behalf of of those who bought or acquired CCIV Titles Between January 11, 2021 and February 22, 2021, inclusive (the “Recourse Period”).
Reminder of maturity for investors: investors who have bought or acquired CCIV securities during the Class Action Period may, not later than July 6, 2021, seek to be appointed as principal applicant representative of the group. For more information or to find out how to participate in this dispute, please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; by e-mail to [email protected]; or Click on https://www.ktmc.com/churchill-capital-class-action-lawsuit?utm_source=PR&utm_medium=link&utm_campaign=churchill
The CCIV is a blank check company, also called an ad hoc acquisition company. Atieva, Inc., d / b / a Lucid Motors (“Lucid”) is an American automotive company specializing in electric cars. As of 2020, Lucid’s first car, Lucid Air, is in development.
The Recourse Period begins on January 11, 2021, when Bloomberg News reported that Lucid “is in talks to go public through a merger with one of the Michael Klein’s ad hoc acquisition companies, according to people familiar with the matter. ” Michael klein launched CCIV in april 2020 and high $ 2,070,000,000 in the context of the initial public offering of the CCIV. Rumor had it that Lucid was merging with CCIV. At February 16, 2021, CEO of Lucid, Peter Rawlinson, appeared on Fox Business News with Neil cavuto touting that Lucid was aiming for a spring delivery of its first vehicles.
At Monday, February 22, 2021, the long-awaited merger agreement between CCIV and Lucid has been announced. The equity value of the CCIV and Lucid transaction was estimated at $ 11.75 billion. However, at 6:22 p.m. that same night, Ed ludlow from Bloomberg News reported that Mr Rawlinson had announced that production of his first car would be delayed until at least the second half of 2021, with no specific date set for the delivery of an actual vehicle.
Following this news, the CCIV share price fell from a close of $ 57.37 per share on February 22, 2021, at a fence of $ 35.21 per share on February 23, 2021.
The complaint alleges that throughout the Class Period, the Defendants failed to disclose a true and fair view of the business, operations and financial condition of CCIV.
CCIV investors can, not later than July 6, 2021, seek to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent member of the class. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be named the Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breach of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force in corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors from United States and all over the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 route du Roi de Prussia
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP