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Berger Montague Investigates Securities Fraud Allegations Against Lucid Group, Inc.

DATE: May 5, 2022

LUCID GROUP, INC. Company News: Berger Montague Investigates Securities Fraud Allegations Against Lucid Group, Inc. (NASDAQ: LCID); Lead Plaintiff Deadline is May 31, 2022

 PHILADELPHIA, May 5, 2022Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities of Lucid Group, Inc. (“Lucid” or the “Company”) (NYSE: ABBV) between November 15, 2021 and February 28, 2022 (the “Class Period”).

If you purchased Lucid securities during the Class Period, would like to discuss Berger Montague’s investigation, or have questions concerning 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 non-public information regarding Lucid is encouraged to confidentially assist Berger Montague’s investigation or take advantage of the SEC 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 represented to investors during the Class Period that Lucid would produce 577 EVs in 2021, 20,000 EVs in 2022, and 49,000 EVs in 2023 (including 12,000 of the Gravity SUV, which would launch that year). In addition to touting the company’s production capabilities, Defendants also assured investors that supply chain issues, which were plaguing other auto manufacturers, 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, still had only produced approximately 400 EVs by February 28, 2022, and would only produce between 12,000 and 14,000 EVs in 2022. Lucid also revealed that it would need to delay the launch of the Lucid Gravity until 2024 (versus a prior launch date in 2023). Despite its previous assurances that Lucid was not experiencing any supply chain issues, Lucid attributed its slashed production outlook to “the extraordinary supply chain and logistics challenges [Lucid] encountered.”

Following this news, the price of Lucid common stock 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.

 

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