LUCID GROUP, INC. Company News: Berger Montague Investigating Securities Fraud Allegations Against Lucid Group, Inc. (LCID); The deadline for the main applicant is May 31, 2022

Philadelphia, Pa.–(Newsfile Corp. – May 5, 2022) – Shepherd Montague investigating allegations of securities fraud on behalf of investors who purchased the securities of Lucid Group, Inc. (“Lucid” or the “Company”) LCID Between November 15, 2021 and February 28, 2022 (the “Class Period”).

If you purchased Lucid securities during the Class Period, wish to discuss the Berger Montague investigation, or have any questions regarding your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875- 3015, or Michael Dell’Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/lucid-group-inc/.

Whistleblowers: Anyone with nonpublic information about Lucid is encouraged to confidentially participate in Berger Montague’s investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.

According to the complaint, Lucid and its executives told investors during the class period 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 Gravity SUV, which would be launched this year). In addition to touting the company’s production capabilities, the defendants also assured investors that supply chain issues, which plagued other automakers, would not interfere with Lucid’s ability to reach its production targets.

On February 28, 2022, Lucid issued a press release revealing that it had only delivered approximately 125 EVs in 2021, had only produced approximately 400 EVs as of February 28, 2022, and would only produce between 12,000 and 14,000 electric vehicles in 2022. Lucid also revealed that the launch of the Lucid Gravity would have to be delayed until 2024 (compared to an earlier launch date of 2023). Despite its previous assurances that Lucid was not experiencing any supply chain issues, Lucid attributed its reduced production outlook to “extraordinary supply chain and logistics challenges”. [Lucid] meet.”

Following this news, Lucid’s common stock price fell $3.99 per share – more than 13% – from a close of $28.98 per share on February 28, 2022 to $24.99 per share. on March 1, 2022.

Shepherd Montaguewith offices in Philadelphia, Minneapolis, Washington, D.C. and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and acts as lead counsel before the courts. across the United States.

contacts

Andrew Abramowitz, Senior Counsel
Shepherd Montague
(215) 875-3015
[email protected]

Michael Dell’Angelo, executive shareholder
Shepherd Montague
(215) 875-3080
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122978

Karen J. Nelson