LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Churchill Capital Corporation IV (“Churchill” or the “Company”) (NYSE: CCIV) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On Monday, February 22, 2021, the merger agreement between Churchill, a special purpose acquisition company and Lucid, an American automotive company specializing in electric cars, was announced. Churchill and Lucid’s transaction equity value was estimated at $11.75 billion. Churchill’s share price closed at $57.37. Details of the merger also disclosed that Lucid was projecting the production of only 557 vehicles in 2021, instead of the 6,000 it had been touting in the run-up to the merger announcement.
Between the January 11, 2021 Bloomberg article and the official announcement of the merger on February 22, 2021 CCIV stock rocketed from $10 to $57, or 470%.
On February 23, 2021, following the merger the stock plummeted to $35.21, a 38% decline.
As of April 18, 2021, Churchill stock was trading at $19.52 a share, a 66% decline from its February 22, 2021 high. Investor Place analyst said, “Churchill still remains overvalued after a 60% plunge.”
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If you purchased Churchill securities, have information or 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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