NEW YORK, July 29, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Churchill Capital Corporation IV ("Churchill" or the "Company") (NYSE: CCIV). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Churchill and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 22, 2021, a long-anticipated merger between CCIV and Lucid Motors, Inc. ("Lucid") was announced. Shortly thereafter on that same date, Lucid's Chief Executive Officer announced that production of its debut car would be delayed until at least the second half of 2021, with no definite date for set for actual delivery of an actual vehicle. Details of the merger also disclosed that Lucid was projecting the production of only 557 vehicles in 2021, instead of the 6,000 it had been touting in the run-up to the merger announcement.
On this news, CCIV's stock price fell $22.16 per share, or 38.63%, to close at $35.21 per share on February 23, 2021
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com