LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Churchill Capital Corporation IV (“Churchill” or the “Company”) (NYSE: CCIV) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Churchill investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/churchill-capital-corporation-iv/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On January 11, 2021, Bloomberg News reported that Lucid Motors Inc. (“Lucid”), an American automotive company specializing in electric cars, is in talks to go public via merger with one of Michael Klein’s special purpose acquisition companies, including Churchill.
Over the next several weeks, Lucid’s Chief Executive Officer Peter Rawlinson made media appearances during which he stated that Lucid was aiming for a spring delivery for its first vehicles.
On February 22, 2021, the merger between Churchill and Lucid was announced with transaction equity value estimated at $11.75 billion. Churchill’s share price closed at $57.37.
The same day, after the market closed, Bloomberg News reported that production of Lucid’s debut car would be delayed until at least the second half of 2021 with no definite date for the actual delivery of vehicles. 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.
On February 23, 2021, Churchill’s stock fell $22.16, or 38%, to close at $35.21 per share on February 23, 2021.
Whistleblower Notice: Persons with non-public information regarding Churchill should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
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