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Lucid Group, Inc. Investigation


The law firm of Kirby McInerney LLP is investigating potential claims against Lucid Group, Inc. (“Lucid” or the “Company”) (NASDAQ: LCID). The investigation concerns whether Lucid has violated the federal securities laws and/or engaged in other unlawful business practices.
 
On July 23, 2021, Lucid Motors completed its business combination with Churchill Capital IV.
 
On December 6, 2021, Lucid, formerly known as Atieva, Inc., announced that the Securities and Exchange Commission (“SEC”) is investigating the Company’s $11.75 billion SPAC merger and has issued a subpoena for documents. Lucid noted in a Form 8-K filed with the SEC that it received a subpoena on December 3, 2021, requesting “the production of certain documents related to an investigation by the SEC” that “appears to concern the business combination between the Company (f/k/a Churchill Capital Corp. IV) and Atieva, Inc. and certain projections and statements.” On this news, the Company’s share price declined by $2.41 per share, or approximately 5.1%, from $47.27 per share to close at $44.86 per share on December 6, 2021.
 

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