Lucid Group, Inc.
|Company Name||Lucid Group, Inc.|
|Class Period||November 15, 2021 to February 28, 2022|
|Lead Plaintiff Motion Deadline||May 31, 2022|
On February 28, 2022, Lucid disclosed that it had only delivered approximately 125 EVs in 2021 – 452 less than expected – and would only produce between 12,000 and 14,000 EVs in 2022, despite previous claims that it would produce 20,000. The Company also announced that it would delay the launch of its Lucid Gravity SUV from 2023 to 2024, citing “the extraordinary supply chain and logistics challenges” as the cause.
On this news, Lucid’s common stock fell $3.99, or 13.8%, to close at $24.99 per share on March 1, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants overstated Lucid’s production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering the Company’s operations from the start of the Class Period.
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