SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Northern District of Alabama on behalf of purchasers of Churchill Capital Corporation IV (NYSE:CCIV) securities between January 11, 2021 and February 22, 2021, inclusive (the “Class Period”). The case is captioned Phillips v. Churchill Capital Corporation IV, No. 21-cv-00539, and is assigned to Judge Annemarie C. Axon.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Churchill Capital IV securities during the Class Period to seek appointment as lead plaintiff in the Churchill Capital IV class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Churchill Capital IV class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Churchill Capital IV class action lawsuit. An investor’s ability to share in any potential future recovery of the Churchill Capital IV class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Churchill Capital IV class action lawsuit or have questions concerning your rights regarding the Churchill Capital IV class action lawsuit, please provide your information here or contact counsel, Juan Carlos Sanchez of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com.
Churchill Capital IV is a blank check company, also known as a special purpose acquisition company (“SPAC”). In April 2020, defendant Michael Klein launched Churchill Capital IV, which raised more than $2 billion in its initial public offering and is listed on the New York Stock Exchange (NYSE:CCIV). Lucid Motors is an American automotive company specializing in electric cars. As of 2020 its first car, Lucid Air, was in development. On January 11, 2021, Bloomberg News reported that: “Electric vehicle maker Lucid Motors Inc. [was] 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.” Bloomberg News further reported that the transaction could be valued at up to $15 billion and that “Churchill Capital Corp IV – the largest [of Klein’s two SPACs], having raised more than $2 billion last year – is the vehicle considering a deal with Lucid, some of the people said.” On February 22, 2021, the long anticipated merger agreement between Churchill Capital IV and Lucid was announced. Churchill Capital IV and Lucid’s transaction equity value was estimated at $11.75 billion. Churchill Capital IV’s share price closed that day at $57.37.
On February 23, 2021, Bloomberg News reported that the Lucid chief executive officer announced that production of its debut car would be delayed until at least the second half of 2021, with no definite date set for actual delivery of an actual vehicle. On this news, the price of Churchill Capital IV stock fell by approximately 38%, damaging investors.
Robbins Geller Rudman & Dowd LLP has launched a dedicated SPAC Task Force to protect investors in blank check companies and seek redress for corporate malfeasance. Comprised of experienced litigators, investigators, and forensic accountants, the SPAC Task Force is dedicated to rooting out and prosecuting fraud on behalf of injured SPAC investors. The rise in blank check financing poses unique risks to investors. Robbins Geller Rudman & Dowd LLP’s SPAC Task Force represents the vanguard of ensuring integrity, honesty, and justice in this rapidly developing investment arena.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. ISS Securities Class Action Services has ranked Robbins Geller as one of the top law firms in the world in both amount recovered and total number of class action settlements for shareholders every year since 2010. The SCAS 2020 Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors last year, more than double the amount recovered by any other plaintiffs’ firm. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.