SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that the lead plaintiff motion deadline is approaching in two related securities class actions 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 first-filed case is Phillips v. Churchill Capital Corp. IV, No. 21-cv-00539, and is assigned to Judge Annemarie C. Axon of the Northern District of Alabama. The second-filed case is Arico v. Churchill Capital Corp. IV, No. 21-cv-12355, and is assigned to Judge Brian R. Martinotti of the District of New Jersey.
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 lawsuits. 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 lawsuits. The lead plaintiff can select a law firm of its choice to litigate the Churchill Capital IV class action lawsuits. An investor’s ability to share in any potential future recovery of the Churchill Capital IV class action lawsuits is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Churchill Capital IV class action lawsuits or have questions concerning your rights regarding the Churchill Capital IV class action lawsuits, 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 jsanchez@rgrdlaw.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.” 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.
With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services 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 securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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