The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Lucid Group, Inc. (NASDAQ: LCID) common stock between November 15, 2021 and February 28, 2022.
According to the Lucid lawsuit, defendants made materially false and/or misleading statements and failed to disclose material adverse facts about Lucid’s business and operations. Specifically, the Company overstated its production capabilities while concealing that “extraordinary supply chain and logistics challenges” were hampering Lucid’s operations. As a result of the defendants’ wrongful acts and omissions, and the significant decline in the market value of Lucid’s common stock, Lucid investors have suffered significant damages.
If you suffered a loss in Lucid you have until May 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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