LCID Class Action Complaint Filed: Johnson Fistel, a Globally Recognized Law Firm Encourages… | Nation/World

SAN DIEGO, May 27, 2022 (GLOBE NEWSWIRE) — Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has been filed on behalf of investors in Lucid Group, Inc. (NASDAQ: LCID ). The class action is on behalf of shareholders who purchased Lucid securities between November 15, 2021 and February 28, 2022 inclusive (the “Class Period”). To serve as lead plaintiff in this class action, you must move the Court by May 31, 2022.

What actions can I take at this time? If you have suffered a substantial loss, $100,000 or more, and would like to learn more about the lead plaintiff role, please contact Jim Baker ([email protected]) by email or by phone at 619-814 -4471. If emailing, please include a phone number.

To join this action, you can click or copy and paste the link below into a browser:

Lucid Group, Inc.

There is no cost or obligation for you.

The Lucid class action alleges that while Lucid became a publicly traded company, the defendants assured investors that Lucid would produce 577 electric vehicles in 2021, 20,000 electric vehicles in 2022, and 49,000 electric vehicles in 2023 (including 12 000 of the Project Gravity SUV, which would launch that year). Indeed, the defendants repeatedly assured investors that Lucid’s production capacity was growing rapidly and that Lucid would meet its production targets. However, as Lucid’s class action alleges, defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” had hampered Lucid’s operations since the start of the appeal period.

On February 28, 2022, Lucid admitted that it: (1) had only delivered approximately 125 EVs in 2021 and had only produced approximately 400 EVs as of February 28, 2022; (2) would only produce between 12,000 and 14,000 EVs in 2022; and (3) would delay the launch of the Lucid Gravity until 2024. Defendant Rawlinson attributed the reduced production outlook to “extraordinary supply chain and manufacturing challenges.” [Lucid] meet.”

A lead plaintiff will act on behalf of all other class members to lead the Lucid class action. The lead plaintiff may select a law firm of their choice to litigate the class action. An investor’s ability to share in any potential future recovery from the Lucid class action does not depend on their function as lead plaintiff. For more information on the lead plaintiff process, please see https://www.johnsonfistel.com/lead-plaintiff-deadlines.

About Johnson Fistel, LLP:

Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivatives and securities class actions. Johnson Fistel is seeking to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Lawyer advertisement. Past results do not guarantee future results.

Contact:

Johnson Fistel, LLP

Jim Baker, 619-814-4471

Investor Relations

[email protected]

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