NEW YORK, NY / ACCESSWIRE / June 16, 2021 / Labaton Sucharow notifies investors that a securities class action lawsuit has been filed in the Northern District of Alabama on behalf of purchasers of Churchill Capital Corporation IV ('Churchill Capital') (NYSE:CCIV) securities between January 11, 2021, and February 22, 2021, inclusive (the 'Class Period'). Investors who purchased or acquired Churchill Capital securities during the Class Period may, no later than June 18, 2021, seek to be appointed as a lead plaintiff representative of the class.
The case, captioned Phillips v. Churchill Capital Corporation IV, No. 21-cv-00539, charges the special purpose acquisition company Churchill Capital and certain of its officers and directors, along with Atieva, Inc. d/b/a Lucid Motors ('Lucid') and its Chief Executive Officer, with violations of the Securities Exchange Act of 1934.
On January 11, 2021, Bloomberg News reported that Lucid, an American automotive company specializing in electric cars, was 'in talks to go public through a merger with one of Michael Klein's special purpose acquisition companies.' Michael Klein launched Churchill Capital in April 2020 and raised $2,070,000,000 in its initial public offering. On Monday, February 22, 2021, the merger agreement was formally announced between Churchill Capital and Lucid. The transaction equity value was estimated at $11.75 billion. Churchill Capital's share price closed at $57.37. It was also disclosed that Lucid was projecting the production of only 557 vehicles in 2021, rather than the 6,000 it had been touting before the merger announcement. On this news, Churchill Capital's stock price fell to $35.21 per share on February 23, 2021. As of April 18, 2021, the stock was trading at $19.52 a share, or 66% lower than it was on February 22, 2021.
If you wish to serve as lead plaintiff in the class action lawsuit or have questions concerning your rights as an investor in Churchill Capital, you are strongly encouraged to contact Labaton Sucharow attorney David J. Schwartz using the toll-free number (800) 321-0476 or via email at [email protected].
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SOURCE: Labaton Sucharow LLP