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Radnor, Pennsylvania, May 16, 2021 (Global News)-Kessler Topaz Meltzer & Check (LLP) Law Firm reminded Churchill Capital Corporation IV (NYSE:Fourth) (Hereinafter referred to as “CCIV”) investors, representing persons who purchase or purchase CCIV securities, filed a securities fraud class action against CCIV in the U.S. District Court for the Northern District of Alabama Between January 11, 2021 and February 22, 2021(Inclusive) (“During Class”).
CCIV is a blank cheque company, also known as a special purpose acquisition company. d/b/a Atieva, Inc. of Lucid Motors (“Lucid”) is an American car company specializing in electric vehicles. As of 2020, Lucid’s first car, Lucid Air, is under development.
On Monday, February 22, 2021, the long-awaited merger agreement was reached between CCIV and Lucid. The value of the equity in the CCIV and Lucid transaction is estimated at 11.75 billion U.S. dollars. However, at 6:22 that evening, Bloomberg News’ Ed Ludlow reported that Lucid CEO Peter Rawlinson announced that the production of the first car will be postponed to at least the second half of 2021, but there is no set date for the delivery of the actual vehicle .
After the news came out, CCIV’s stock price fell from the closing price of US$57.37 per share on February 22, 2021 to the closing price of US$35.21 per share on February 23, 2021.
The complaint stated that during the entire class action, the defendant did not disclose true and accurate information about CCIV’s business, operations, and financial status.
CCIV investors may No later than July 6, 2021, Seeking to be appointed as the chief plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other consultants, or may choose not to do anything and remain absent. The lead plaintiff is the representative of the class members who represent all litigations in the litigation. In order to be appointed as the main plaintiff, the court must determine that the claims of the class member are typical of the claims of other class members, and that the class member will fully represent the class. Your ability to share any recovery is not affected by the decision whether or not to act as the main plaintiff.
Attorney Kessler Topaz Meltzer & Check is suing class actions involving securities fraud, breach of fiduciary duty, and other violations of state and federal laws in state and federal courts across the country. Kessler Topaz Meltzer & Check, LLP is the driving force of corporate governance reform and has recovered billions of dollars on behalf of institutional investors and individual investors in the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraud against the government and share the recovery of government funds). Kessler Topaz Meltzer & Check, LLP did not file a lawsuit.For more information about Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
contact:
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr.
Adrienne Bell, Esq.
280 Prussian Road
Radnor, Pennsylvania 19087
(844) 887-9500 (toll free)
info@ktmc.com
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